Magnus Financial Group LLC purchased a new position in Old Dominion Freight Line (NASDAQ:ODFL) in the second quarter, Holdings Channel.com reports. The fund purchased 1,453 shares of the transportation company’s stock, valued at approximately $217,000.

A number of other hedge funds have also made changes to their positions in the stock. Stanley Laman Group Ltd. purchased a new position in Old Dominion Freight Line during the first quarter valued at $255,000. Dynamic Technology Lab Private Ltd purchased a new position in Old Dominion Freight Line during the first quarter valued at $873,000. Municipal Employees Retirement System of Michigan lifted its position in Old Dominion Freight Line by 0.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 12,000 shares of the transportation company’s stock valued at $1,791,000 after buying an additional 80 shares during the period. FMR LLC lifted its position in Old Dominion Freight Line by 1.7% during the first quarter. FMR LLC now owns 602,866 shares of the transportation company’s stock valued at $87,047,000 after buying an additional 10,126 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Old Dominion Freight Line by 5.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 237,199 shares of the transportation company’s stock valued at $35,404,000 after buying an additional 11,383 shares during the period. 70.21% of the stock is owned by institutional investors.

In related news, SVP Gregory B. Plemmons sold 1,249 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 6th. The stock was 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 directly owns 5,714 shares in the company, valued at approximately $933,610.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Earl E. Congdon sold 56,400 shares of Old Dominion Freight Line stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $166.53, for a total value of $9,392,292.00. Following the completion of the sale, the chairman now owns 10,854 shares of the company’s stock, valued at $1,807,516.62. The disclosure for this sale can be found here. 11.90% of the stock is owned by insiders.

Several equities analysts have commented on ODFL shares. ValuEngine lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Wednesday. BidaskClub raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. KeyCorp raised their price objective on Old Dominion Freight Line from $165.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Robert W. Baird set a $162.00 price objective on Old Dominion Freight Line and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Mizuho reissued a “hold” rating and set a $151.00 price objective on shares of Old Dominion Freight Line in a research report on Tuesday, July 2nd. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Old Dominion Freight Line has an average rating of “Hold” and an average target price of $152.08.

Shares of ODFL traded up $1.35 during trading hours on Wednesday, hitting $165.57. The company had a trading volume of 3,928 shares, compared to its average volume of 737,920. The firm has a fifty day moving average price of $158.95 and a 200-day moving average price of $149.19. 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 stock has a market capitalization of $13.26 billion, a price-to-earnings ratio of 22.40, a P/E/G ratio of 2.38 and a beta of 1.49. Old Dominion Freight Line has a 52-week low of $115.00 and a 52-week high of $171.87.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Thursday, July 25th. The transportation company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.05. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.08 billion. Old Dominion Freight Line had a return on equity of 23.57% and a net margin of 15.48%. Old Dominion Freight Line’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.99 EPS. Research analysts anticipate that Old Dominion Freight Line will post 7.94 earnings per share for the current fiscal year.

Old Dominion Freight Line announced that its board has approved a stock repurchase program on Thursday, May 16th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the transportation company to purchase up to 2.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio is presently 9.21%.

About Old Dominion Freight Line

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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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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