Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System grew its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 100.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 77,388 shares of the transportation company’s stock after acquiring an additional 38,694 shares during the period. State of Michigan Retirement System’s holdings in Old Dominion Freight Line were worth $16,972,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in shares of Old Dominion Freight Line by 1.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,325,321 shares of the transportation company’s stock worth $2,563,843,000 after buying an additional 81,122 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Old Dominion Freight Line by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,538,487 shares of the transportation company’s stock worth $1,038,597,000 after buying an additional 251,289 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Old Dominion Freight Line by 0.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,101,919 shares of the transportation company’s stock worth $851,971,000 after buying an additional 12,016 shares during the last quarter. Norges Bank acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth $495,387,000. Finally, Morgan Stanley raised its stake in shares of Old Dominion Freight Line by 7.7% during the 3rd quarter. Morgan Stanley now owns 961,518 shares of the transportation company’s stock worth $393,397,000 after buying an additional 68,960 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Susquehanna cut their target price on shares of Old Dominion Freight Line from $245.00 to $210.00 and set a “positive” rating for the company in a research note on Wednesday, June 12th. Baird R W raised shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 8th. Robert W. Baird raised shares of Old Dominion Freight Line from a “neutral” rating to an “outperform” rating and set a $205.00 target price for the company in a research note on Wednesday, May 8th. Raymond James cut their target price on shares of Old Dominion Freight Line from $215.00 to $190.00 and set an “outperform” rating for the company in a research note on Monday, June 24th. Finally, Bank of America cut their target price on shares of Old Dominion Freight Line from $205.00 to $192.00 and set a “neutral” rating for the company in a research note on Thursday, June 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $201.18.

Old Dominion Freight Line Stock Up 1.9 %

Shares of NASDAQ:ODFL opened at $182.17 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.29 and a current ratio of 2.29. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $227.80. The stock has a market capitalization of $39.58 billion, a P/E ratio of 32.07, a PEG ratio of 2.30 and a beta of 1.00. The stock has a 50-day simple moving average of $177.73 and a 200-day simple moving average of $199.95.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.33 by $0.01. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.47 billion. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.96 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.57%. The ex-dividend date was Wednesday, June 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.31%.

Old Dominion Freight Line Profile

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.