Healthcare of Ontario Pension Plan Trust Fund Trims Position in Old Dominion Freight Line, Inc. $ODFL

Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 40.6% in the first quarter, Holdings Channel.com reports. The institutional investor owned 556,226 shares of the transportation company’s stock after selling 380,082 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Old Dominion Freight Line were worth $108,687,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its holdings in shares of Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp raised its stake in Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after acquiring an additional 70,736 shares during the last quarter. Boston Partners lifted its position in Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after acquiring an additional 2,044,434 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock worth $577,137,000 after acquiring an additional 365,424 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Old Dominion Freight Line by 23.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock worth $519,660,000 after acquiring an additional 639,769 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Up 1.0%

Shares of ODFL opened at $232.99 on Friday. The stock’s 50 day moving average is $225.49 and its two-hundred day moving average is $204.77. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The firm has a market capitalization of $48.45 billion, a PE ratio of 48.74, a P/E/G ratio of 4.16 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 EPS. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ODFL. Stephens reissued an “overweight” rating and issued a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the stock a “neutral” rating in a report on Tuesday, April 28th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group boosted their price objective on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the company a “hold” rating in a research note on Tuesday, June 9th. Ten investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $223.04.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.