Retirement Systems of Alabama Trims Stock Position in Old Dominion Freight Line, Inc. $ODFL

Retirement Systems of Alabama lessened its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 39,904 shares of the transportation company’s stock after selling 468 shares during the quarter. Retirement Systems of Alabama’s holdings in Old Dominion Freight Line were worth $6,476,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ODFL. Larson Financial Group LLC raised its position in shares of Old Dominion Freight Line by 234.8% during the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company’s stock valued at $25,000 after buying an additional 108 shares during the period. Rossby Financial LCC purchased a new stake in Old Dominion Freight Line in the second quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new position in shares of Old Dominion Freight Line in the first quarter worth $39,000. Zions Bancorporation National Association UT acquired a new position in shares of Old Dominion Freight Line in the first quarter worth $39,000. Finally, Chilton Capital Management LLC acquired a new position in shares of Old Dominion Freight Line in the second quarter worth $47,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ODFL. Citigroup dropped their target price on Old Dominion Freight Line from $173.00 to $168.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Evercore ISI lowered their target price on Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating on the stock in a research note on Thursday, October 30th. The Goldman Sachs Group cut their price target on shares of Old Dominion Freight Line from $186.00 to $181.00 in a report on Thursday, October 30th. Wolfe Research increased their price target on shares of Old Dominion Freight Line from $129.00 to $140.00 in a report on Tuesday, October 7th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $155.00 target price (down from $160.00) on shares of Old Dominion Freight Line in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $159.33.

Old Dominion Freight Line Stock Down 2.1%

Shares of NASDAQ ODFL opened at $137.51 on Tuesday. Old Dominion Freight Line, Inc. has a 1 year low of $133.69 and a 1 year high of $233.26. The firm’s 50 day moving average price is $142.51 and its 200 day moving average price is $153.42. The firm has a market cap of $28.90 billion, a P/E ratio of 27.67, a price-to-earnings-growth ratio of 3.22 and a beta of 1.19. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.38 and a current ratio of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business earned $1.43 earnings per share. Old Dominion Freight Line’s revenue was down 4.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Wednesday, December 3rd will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.54%.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.