Texas Permanent School Fund Corp Sells 7,298 Shares of Old Dominion Freight Line, Inc. $ODFL

Texas Permanent School Fund Corp lessened its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 35.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,087 shares of the transportation company’s stock after selling 7,298 shares during the period. Texas Permanent School Fund Corp’s holdings in Old Dominion Freight Line were worth $2,124,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vest Financial LLC boosted its stake in shares of Old Dominion Freight Line by 66.8% during the second quarter. Vest Financial LLC now owns 170,838 shares of the transportation company’s stock valued at $27,727,000 after purchasing an additional 68,410 shares during the period. Bridges Investment Management Inc. lifted its holdings in Old Dominion Freight Line by 0.7% during the 2nd quarter. Bridges Investment Management Inc. now owns 688,961 shares of the transportation company’s stock valued at $111,818,000 after buying an additional 4,849 shares in the last quarter. Mariner Investment Group LLC purchased a new stake in Old Dominion Freight Line in the 2nd quarter valued at about $933,000. Vanguard Personalized Indexing Management LLC grew its stake in Old Dominion Freight Line by 12.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 31,959 shares of the transportation company’s stock worth $5,195,000 after acquiring an additional 3,430 shares in the last quarter. Finally, Profund Advisors LLC grew its stake in Old Dominion Freight Line by 14.6% in the 2nd quarter. Profund Advisors LLC now owns 18,057 shares of the transportation company’s stock worth $2,931,000 after acquiring an additional 2,296 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $157.39 on Monday. The stock’s 50-day moving average is $141.44 and its 200 day moving average is $149.35. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $209.61. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $32.91 billion, a P/E ratio of 31.67, a PEG ratio of 7.78 and a beta of 1.27.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The firm’s revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.43 earnings per share. Research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio is presently 22.54%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ODFL shares. BMO Capital Markets upgraded Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $172.00 to $170.00 in a report on Monday, December 1st. Citigroup reiterated a “buy” rating and issued a $170.00 target price (up from $168.00) on shares of Old Dominion Freight Line in a report on Wednesday, December 3rd. Wall Street Zen upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, December 3rd. Finally, UBS Group increased their target price on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Ten equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $155.58.

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.