Teacher Retirement System of Texas Raises Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Teacher Retirement System of Texas lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 639.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 141,093 shares of the transportation company's stock after buying an additional 122,006 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.07% of Old Dominion Freight Line worth $24,889,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ODFL. Wellington Management Group LLP lifted its stake in Old Dominion Freight Line by 109.5% in the third quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company's stock worth $285,094,000 after acquiring an additional 750,073 shares during the period. AustralianSuper Pty Ltd purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter worth approximately $128,221,000. Raymond James Financial Inc. bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $114,449,000. Thrivent Financial for Lutherans increased its holdings in Old Dominion Freight Line by 92.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,195,331 shares of the transportation company's stock valued at $210,856,000 after buying an additional 573,586 shares during the period. Finally, Franklin Resources Inc. raised its stake in Old Dominion Freight Line by 74.8% in the third quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company's stock worth $207,068,000 after buying an additional 437,700 shares in the last quarter. Institutional investors own 77.82% of the company's stock.

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Old Dominion Freight Line Stock Performance

ODFL traded up $1.07 during trading on Wednesday, reaching $168.67. 1,423,024 shares of the company's stock were exchanged, compared to its average volume of 1,570,359. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. Old Dominion Freight Line, Inc. has a 1 year low of $157.67 and a 1 year high of $233.26. The company's fifty day simple moving average is $183.88 and its 200-day simple moving average is $194.05. The stock has a market capitalization of $35.85 billion, a P/E ratio of 30.78, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, 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 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.28 dividend. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend was Wednesday, March 5th. Old Dominion Freight Line's payout ratio is currently 18.98%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ODFL. Jefferies Financial Group increased their target price on Old Dominion Freight Line from $185.00 to $190.00 and gave the company a "hold" rating in a research report on Friday, January 10th. Evercore ISI lifted their target price on Old Dominion Freight Line from $199.00 to $202.00 and gave the company an "in-line" rating in a research note on Thursday, February 6th. Morgan Stanley increased their price target on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the company an "equal weight" rating in a research report on Thursday, February 6th. Bank of America cut their price objective on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. Finally, Wells Fargo & Company reduced their price objective on shares of Old Dominion Freight Line from $195.00 to $185.00 and set an "underweight" rating for the company in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus price target of $202.65.

Old Dominion Freight Line Company Profile

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.