Old Dominion Freight Line (NASDAQ:ODFL) Shares Down 9.9% – Here’s What Happened

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) fell 9.9% during trading on Friday . The company traded as low as $180.00 and last traded at $177.75. 852,318 shares changed hands during trading, a decline of 43% from the average session volume of 1,484,828 shares. The stock had previously closed at $197.25.

Analysts Set New Price Targets

A number of research firms have recently commented on ODFL. Morgan Stanley increased their target price on 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. JPMorgan Chase & Co. boosted their target price on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Barclays reduced their target price on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. BMO Capital Markets reduced their target price on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. Finally, The Goldman Sachs Group raised their price objective on Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $203.33.

Old Dominion Freight Line Trading Down 8.3 %

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $189.37 and its 200-day moving average price is $197.90. The stock has a market capitalization of $38.63 billion, a P/E ratio of 33.01, a P/E/G ratio of 3.01 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued 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 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.98%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ODFL. Value Partners Investments Inc. boosted its stake in Old Dominion Freight Line by 2.4% in the fourth quarter. Value Partners Investments Inc. now owns 11,875 shares of the transportation company’s stock valued at $2,093,000 after acquiring an additional 277 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in Old Dominion Freight Line by 2.8% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 541,540 shares of the transportation company’s stock valued at $95,528,000 after buying an additional 14,883 shares in the last quarter. Mackenzie Financial Corp increased its position in Old Dominion Freight Line by 10.3% during the 4th quarter. Mackenzie Financial Corp now owns 19,187 shares of the transportation company’s stock valued at $3,385,000 after buying an additional 1,796 shares in the last quarter. Toronto Dominion Bank increased its position in Old Dominion Freight Line by 9.7% during the 4th quarter. Toronto Dominion Bank now owns 107,584 shares of the transportation company’s stock valued at $18,978,000 after buying an additional 9,523 shares in the last quarter. Finally, GF Fund Management CO. LTD. acquired a new stake in Old Dominion Freight Line in the 4th quarter worth approximately $7,138,000. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

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.