Old Dominion Approves New Buyback Program Worth $350 Million

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) announced that its board has cleared a new stock repurchase program, authorizing it to buy back stocks worth up to $350 million. This newly approved two-year share repurchase program will commence following the expiration of the current two-year buyback authorization. As of May 15, 2019, $48.5 million shares were yet to be purchased under the current authorization, which was announced last May.

Additionally, the company’s board members declared a quarterly cash dividend of 17 cents per share, payable Jun 19, 2019 to shareholders of record as of Jun 5.

This February, the company’s board of directors approved a 30.8% hike in its quarterly cash dividend to the above-mentioned figure. Moreover, the company returned $205.8 million to shareholders through a combination of dividends and share repurchases in 2018 compared with $40.9 million in 2017. Continuing with this trend, it added shareholder value worth $44.4 million through $13.8 million in dividends and $30.6 million in buybacks during the first quarter of 2019.

Old Dominion Freight Line, Inc. Price

Old Dominion Freight Line, Inc. price | Old Dominion Freight Line, Inc. Quote

Zacks Rank & Key Picks

Old Dominion carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Hertz Global Holdings, Inc (NYSE:HTZ) , Hub Group, Inc. (NASDAQ:HUBG) and SkyWest, Inc. (NASDAQ:SKYW) . While SkyWest sports a Zacks Rank #1 (Strong Buy), Hertz Global and Hub Group carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Hertz Global, Hub Group and SkyWest have rallied more than 25%, 14% and 34%, respectively, on a year-to-date basis.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>