First Hawaiian Bank boosted its stake in Old Dominion Freight Line (NASDAQ:ODFL) by 75.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 8,010 shares of the transportation company’s stock after buying an additional 3,435 shares during the period. First Hawaiian Bank’s holdings in Old Dominion Freight Line were worth $1,196,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in Old Dominion Freight Line by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 656,280 shares of the transportation company’s stock valued at $81,044,000 after purchasing an additional 6,885 shares during the last quarter. Mackay Shields LLC bought a new position in Old Dominion Freight Line in the fourth quarter worth about $266,000. FMR LLC grew its stake in shares of Old Dominion Freight Line by 43.9% during the fourth quarter. FMR LLC now owns 592,740 shares of the transportation company’s stock worth $73,198,000 after acquiring an additional 180,936 shares during the last quarter. Norges Bank purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $89,762,000. Finally, Geode Capital Management LLC boosted its position in Old Dominion Freight Line by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 685,323 shares of the transportation company’s stock valued at $84,580,000 after buying an additional 3,291 shares during the last quarter. Institutional investors and hedge funds own 70.21% of the company’s stock.
ODFL opened at $158.93 on Friday. The business’s fifty day moving average is $159.82 and its two-hundred day moving average is $149.58. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.92 and a current ratio of 1.92. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 2.36 and a beta of 1.49. Old Dominion Freight Line has a one year low of $115.00 and a one year high of $171.87.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 9.21%.
Old Dominion Freight Line announced that its board has approved a stock repurchase plan on Thursday, May 16th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the transportation company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Several research analysts recently commented on ODFL shares. KeyCorp increased their price objective on Old Dominion Freight Line from $165.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley set a $146.00 price target on Old Dominion Freight Line and gave the stock a “hold” rating in a report on Friday, August 9th. Robert W. Baird set a $162.00 price target on Old Dominion Freight Line and gave the stock a “hold” rating in a report on Friday, July 26th. BidaskClub upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Finally, ValuEngine lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Wednesday. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $152.08.
In other news, insider David S. Congdon sold 30,150 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $165.51, for a total transaction of $4,990,126.50. Following the sale, the insider now directly owns 13,385 shares in the company, valued at approximately $2,215,351.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gregory B. Plemmons sold 1,249 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $163.39, for a total value of $204,074.11. Following the completion of the sale, the senior vice president now owns 5,714 shares in the company, valued at $933,610.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,799 shares of company stock valued at $14,586,493. 11.90% of the stock is owned by company insiders.
Old Dominion Freight Line Company Profile
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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