Healthcare of Ontario Pension Plan Trust Fund Increases Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 22,575.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 219,948 shares of the transportation company’s stock after buying an additional 218,978 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.10% of Old Dominion Freight Line worth $38,843,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ODFL. Trust Co. of Vermont purchased a new position in shares of Old Dominion Freight Line in the 4th quarter valued at approximately $27,000. Raleigh Capital Management Inc. acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $29,000. Neo Ivy Capital Management acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $40,000. Farmers & Merchants Investments Inc. grew its holdings in shares of Old Dominion Freight Line by 100.0% during the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the last quarter. Finally, Fortitude Family Office LLC increased its position in shares of Old Dominion Freight Line by 103.0% in the 1st quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock valued at $29,000 after acquiring an additional 68 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares in the company, valued at $282,146,307.30. The disclosure for this sale can be found here. 9.90% of the stock is owned by company insiders.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $193.50 on Thursday. The stock has a market capitalization of $42.04 billion, a P/E ratio of 34.07, a P/E/G ratio of 4.08 and a beta of 0.99. The company’s fifty day moving average price is $196.29 and its 200 day moving average price is $194.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.33 earnings per share. As a group, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.62 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is presently 18.31%.

Analyst Ratings Changes

ODFL has been the subject of a number of research reports. Robert W. Baird lifted their price target on Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. TD Cowen decreased their target price on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating for the company in a report on Friday, September 6th. Evercore ISI reiterated an “in-line” rating and issued a $196.00 price target (down previously from $225.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 25th. Stephens restated an “overweight” rating and set a $214.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Finally, Barclays dropped their price objective on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $201.83.

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.