Old Dominion Freight Line, Inc. $ODFL Shares Acquired by Saudi Central Bank

Saudi Central Bank increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 89.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 13,131 shares of the transportation company’s stock after buying an additional 6,185 shares during the period. Saudi Central Bank’s holdings in Old Dominion Freight Line were worth $2,844,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at $3,416,007,000. Price T Rowe Associates Inc. MD boosted its holdings in Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares during the last quarter. State Street Corp grew its position 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 worth $1,214,618,000 after purchasing an additional 70,736 shares during the period. Boston Partners grew 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 purchasing an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its stake in shares of 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 valued at $577,137,000 after buying an additional 365,424 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Stifel Nicolaus set a $263.00 target price on Old Dominion Freight Line and gave the stock a “buy” rating in a research note on Thursday, July 30th. The Goldman Sachs Group reiterated a “buy” rating and set a $244.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Rothschild & Co Redburn lowered their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research report on Tuesday, May 12th. Raymond James Financial reaffirmed an “outperform” rating and set a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Finally, Susquehanna lifted their target price on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $226.55.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $185.87 on Tuesday. The stock has a market capitalization of $38.54 billion, a PE ratio of 35.81, a price-to-earnings-growth ratio of 3.12 and a beta of 1.16. The business has a 50 day simple moving average of $213.92 and a 200-day simple moving average of $210.46. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the firm posted $1.27 EPS. The business’s revenue was up 10.4% on a year-over-year basis. On average, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Old Dominion Freight Line 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.