On September 14, 2023, it was reported that the Ontario Teachers Pension Plan Board has decreased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 63.8% during the first quarter. According to the company’s most recent disclosure with the Securities & Exchange Commission, Ontario Teachers Pension Plan Board now owns 5,910 shares of Old Dominion Freight Line’s stock after selling 10,417 shares during this period. At the end of the quarter, Ontario Teachers Pension Plan Board’s holdings in Old Dominion Freight Line were valued at $2,014,000.
Old Dominion Freight Line recently released its earnings results on Wednesday, July 26th. The transportation company reported earnings per share (EPS) of $2.65 for the quarter, surpassing the consensus estimate of $2.63 by $0.02. Old Dominion Freight Line also had a return on equity of 34.58% and a net margin of 21.49%. The firm generated revenue of $1.41 billion for the quarter, slightly lower than analysts’ expectations of $1.44 billion. However, it is worth noting that this represents a decrease of 15.2% compared to the same quarter last year when the firm earned $3.30 earnings per share.
Sell-side analysts predict that Old Dominion Freight Line will post earnings per share of 10.68 for this year based on its current performance.
Various research analysts have recently commented on Old Dominion Freight Line’s stock performance and outlook.The Credit Suisse Group raised their price target from $304 to $375 in a research report published on Thursday, July 27th.
StockNews.com initiated coverage on Old Dominion Freight Line and assigned a “hold” rating for the company in their research report released on Thursday, August 17th.
Bank of America also raised their price objective on shares of Old Dominion Freight Line from $471.00 to $473.00 in their research report published on Thursday, September 7th.
VNET Group maintained a rating of “maintains” on Old Dominion Freight Line’s shares in their research report published on Friday, June 30th.
Finally, Barclays raised their price target from $375.00 to $410.00 and gave Old Dominion Freight Line an “equal weight” rating in their research report released on Friday, July 28th.
In total, two equities research analysts have rated the stock as “sell,” ten have assigned it a “hold” rating, while seven have assigned it a “buy” rating. According to data from Bloomberg.com, the company currently has an average rating of “Hold” and an average target price of $369.70.
For more information about Old Dominion Freight Line’s latest analysis and updates, interested parties can refer to the company’s website.
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Recent Institutional Investor Activity and Positive Trends Position Old Dominion Freight Line for Growth in the Transportation Sector
As of the latest report on September 14, 2023, several institutional investors have made modifications to their holdings in Old Dominion Freight Line. ProShare Advisors LLC increased its position in the transportation company by 11.1% during the first quarter, now owning 108,569 shares valued at $37,005,000. Meanwhile, Toroso Investments LLC lifted its holdings by 7.0%, possessing 2,526 shares worth $861,000. JPMorgan Chase & Co., another notable institutional investor, boosted its stake in Old Dominion Freight Line by 0.9%, now owning a total of 2,104,229 shares valued at $717,206,000.
B. Riley Wealth Advisors Inc. also joined the fray with a significant increase of 21.5% in their stake and now possesses 3,358 shares valued at $1,145,000. Additionally, Rockefeller Capital Management L.P. raised its holdings by an impressive 50.4%, resulting in ownership of 639 shares worth $217k.
It is interesting to note that hedge funds and other institutional investors currently own approximately 72.14% of Old Dominion Freight Line’s stock.
Trading on NASDAQ under the ticker symbol ODFL on Thursday opened at $415.74 per share. Notably above this price point is the stock’s fifty-day moving average of $406.51 and two-hundred-day moving average of $356.17 respectively.
Old Dominion Freight Line boasts a substantial market capitalization amounting to $45.43 billion with a PE ratio standing at an intriguing figure of 36.12 as well as a PEG ratio reaching an even more fascinating value of 5.13 – all contributing to a rather perplexing analysis making it hard to gauge the true overall data thus far received concerning these statistics.
The company also holds a beta value of around 1.12, indicating slightly higher volatility than the average market. The debt-to-equity ratio amounts to a meager 0.02. Additionally, Old Dominion Freight Line boasts a current ratio and quick ratio of 1.45 respectively.
Old Dominion Freight Line Inc.’s stock price has experienced fluctuations within the past year, with a low of $240.00 and an impressive high of $438.05 – signifying potential growth prospects for investors willing to seize opportunities in the transportation sector.
Moreover, taking into consideration the recent dividend announcement by Old Dominion Freight Line, stockholders on record as of Wednesday, September 6th will receive a quarterly dividend payment on Wednesday, September 20th amounting to $0.40 per share held. This consistent dividend payout represents an annualized yield of 0.38% based on this data.
The company’s dividend payout ratio is currently at an interesting 13.90%, illustrating management’s commitment to rewarding shareholders with regular dividends alongside their investment.
Furthermore, Old Dominion Freight Line released news on Wednesday, July 26th that its Board of Directors has granted approval for a share repurchase program totaling $3 billion in authorized repurchases of outstanding shares. Burdened with the responsibility of decision-making pertaining to these buybacks through open market purchases, this is generally taken by many investors as a signal that company leadership believes its stocks are undervalued.
In conclusion, Old Dominion Freight Line has garnered attention from various institutional investors who have recently modified their holdings in the company. With positive trends displayed in stock prices and reassuring moves such as dividend announcements and share repurchase programs authorized by the Board of Directors, there are several facets contributing to market sentiment regarding Old Dominion Freight Line’s future prospects in the transportation industry.
