Old Dominion Freight Line (NASDAQ:ODFL) Issues Earnings Results

Old Dominion Freight Line (NASDAQ:ODFL) announced its quarterly earnings data on Wednesday. The transportation company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.04, Zacks reports. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period last year, the firm earned $1.28 earnings per share. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock traded down $10.33 during midday trading on Wednesday, reaching $176.70. The company had a trading volume of 1,589,213 shares, compared to its average volume of 1,982,955. The stock has a fifty day moving average price of $185.54 and a 200 day moving average price of $201.46. The firm has a market cap of $36.64 billion, a PE ratio of 33.96 and a beta of 1.20. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Wednesday, December 2nd. Old Dominion Freight Line’s payout ratio is 22.35%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on ODFL. Evercore reiterated an “outperform” rating and issued a $243.00 price target (up from $237.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Bank of America cut their price objective on shares of Old Dominion Freight Line from $240.00 to $205.00 in a research report on Friday, September 4th. Weiss Ratings lowered shares of Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Wells Fargo & Company upgraded Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their price target for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Finally, Wall Street Zen cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Sunday. Ten research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $223.48.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.