Old Dominion Freight Line (NASDAQ:ODFL) Hits New 1-Year High – Time to Buy?

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $222.25 and last traded at $221.8420, with a volume of 290659 shares. The stock had previously closed at $217.76.

Analyst Ratings Changes

ODFL has been the topic of a number of recent analyst reports. Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. TD Cowen upped their target price on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Raymond James Financial increased their price target on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, February 6th. The Goldman Sachs Group boosted their price objective on shares of Old Dominion Freight Line from $195.00 to $198.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Stifel Nicolaus upped their price objective on shares of Old Dominion Freight Line from $217.00 to $228.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Nine research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and an average target price of $195.50.

Old Dominion Freight Line Price Performance

The company’s 50 day moving average is $197.43 and its two-hundred day moving average is $169.51. The firm has a market cap of $45.85 billion, a P/E ratio of 45.55, a PEG ratio of 4.68 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 earnings per share. Research analysts predict that Old Dominion Freight Line, Inc. will post 5.12 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.5%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.02%.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares in the company, valued at approximately $138,832,056. This represents a 6.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the sale, the director owned 11,278 shares in the company, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 80,134 shares of company stock valued at $15,640,132 in the last 90 days. 10.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Several large investors have recently modified their holdings of ODFL. JPMorgan Chase & Co. boosted its position in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after buying an additional 622,275 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Old Dominion Freight Line by 12.9% during the third quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after buying an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. bought a new position in shares of Old Dominion Freight Line in the third quarter valued at approximately $4,307,000. Atlantic Union Bankshares Corp acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter worth approximately $1,999,000. Finally, Citigroup Inc. increased its holdings in Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after purchasing an additional 329,895 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.