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Old Dominion Approves New Buyback Program Worth $350 Million

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Old Dominion Freight Line, Inc. (ODFL - Free Report) 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.

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 (HTZ - Free Report) , Hub Group, Inc. (HUBG - Free Report) and SkyWest, Inc. (SKYW - Free Report) . 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.

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