BMO Capital Markets Issues Positive Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its target price upped by BMO Capital Markets from $215.00 to $230.00 in a research note released on Monday morning,MarketScreener reports. BMO Capital Markets currently has an outperform rating on the transportation company’s stock.

Several other equities research analysts have also commented on the company. Wall Street Zen upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Sunday, January 25th. Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a research report on Thursday, February 12th. Wells Fargo & Company upped their target price on Old Dominion Freight Line from $200.00 to $205.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Truist Financial set a $225.00 target price on Old Dominion Freight Line in a research report on Thursday, February 5th. Finally, JPMorgan Chase & Co. upped their target price on Old Dominion Freight Line from $183.00 to $197.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus target price of $206.46.

Old Dominion Freight Line Price Performance

Shares of ODFL traded up $4.82 during trading hours on Monday, hitting $197.00. 176,405 shares of the stock were exchanged, compared to its average volume of 2,257,675. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $233.79. The business has a 50-day moving average of $201.00 and a 200-day moving average of $173.39. The firm has a market capitalization of $41.03 billion, a P/E ratio of 41.33, a price-to-earnings-growth ratio of 4.22 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the company posted $1.19 earnings per share. Old Dominion Freight Line’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, analysts forecast that Old Dominion Freight Line will post 5.31 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a positive change 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 payout ratio is 24.27%.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 52,000 shares of the firm’s 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 transaction, the chairman directly owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the transaction, the director directly owned 11,278 shares in the company, valued at $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. Over the last three months, insiders have sold 80,134 shares of company stock valued at $15,640,132. Corporate insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Old Dominion Freight Line by 2.2% in the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after acquiring an additional 494,674 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the last quarter. State Street Corp boosted its stake in Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after acquiring an additional 70,736 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after acquiring an additional 776,004 shares during the last quarter. Finally, Boston Partners boosted its stake in Old Dominion Freight Line by 98.4% in the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after acquiring an additional 2,044,434 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Company Profile

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.