Old Dominion Freight Line, Inc. (ODFL) To Go Ex-Dividend on March 4th

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) declared a quarterly dividend on Wednesday, February 4th. Stockholders of record on Wednesday, March 4th will be given a dividend of 0.29 per share by the transportation company on Wednesday, March 18th. This represents a c) annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. This is a 3.6% increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28.

Old Dominion Freight Line has increased its dividend by an average of 0.3%annually over the last three years and has raised its dividend every year for the last 5 years. Old Dominion Freight Line has a payout ratio of 19.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Old Dominion Freight Line to earn $6.69 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 17.3%.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $203.05 on Monday. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $208.74. The company has a market capitalization of $42.32 billion, a P/E ratio of 42.04, a price-to-earnings-growth ratio of 10.13 and a beta of 1.23. The company has a 50-day simple moving average of $179.12 and a 200 day simple moving average of $156.13.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. The business’s revenue was down 5.7% compared to the same quarter last year. As a group, equities analysts forecast that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the sale, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock worth $15,640,132 in the last quarter. 10.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently bought and sold shares of the company. Brighton Jones LLC raised its position in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Old Dominion Freight Line by 134.9% during the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after buying an additional 5,866 shares during the last quarter. World Investment Advisors increased its holdings in shares of Old Dominion Freight Line by 10.3% during the second quarter. World Investment Advisors now owns 2,810 shares of the transportation company’s stock worth $456,000 after buying an additional 263 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Old Dominion Freight Line by 10.5% during the second quarter. Assetmark Inc. now owns 1,756 shares of the transportation company’s stock worth $285,000 after buying an additional 167 shares in the last quarter. Finally, Simon Quick Advisors LLC lifted its stake in shares of Old Dominion Freight Line by 19.4% in the 2nd quarter. Simon Quick Advisors LLC now owns 2,108 shares of the transportation company’s stock valued at $342,000 after acquiring an additional 342 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

About Old Dominion Freight Line

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.