Bank of America Trims Old Dominion Freight Line (NASDAQ:ODFL) Target Price to $205.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price lowered by Bank of America from $223.00 to $205.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the transportation company’s stock.

Other equities analysts have also recently issued reports about the company. UBS Group increased their price target on Old Dominion Freight Line from $202.00 to $205.00 and gave the company a neutral rating in a report on Thursday. Stifel Nicolaus upped their price objective on Old Dominion Freight Line from $208.00 to $217.00 and gave the stock a buy rating in a research note on Wednesday, January 10th. Raymond James upped their price objective on Old Dominion Freight Line from $207.50 to $233.00 and gave the stock an outperform rating in a research note on Monday, April 15th. Susquehanna upped their price objective on Old Dominion Freight Line from $232.50 to $257.50 and gave the stock a positive rating in a research note on Thursday, February 8th. Finally, Barclays reduced their price objective on Old Dominion Freight Line to $210.00 and set an equal weight rating for the company in a research note on Thursday, April 4th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $210.97.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $182.42 on Thursday. The business’s fifty day moving average price is $220.06 and its 200-day moving average price is $206.37. The stock has a market capitalization of $39.71 billion, a price-to-earnings ratio of 32.12, a PEG ratio of 2.85 and a beta of 1.02. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.29 and a quick ratio of 2.10. Old Dominion Freight Line has a 1-year low of $147.90 and a 1-year high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.01. The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%. On average, equities analysts predict that Old Dominion Freight Line will post 6.16 earnings per share for the current year.

Old Dominion Freight Line Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.04 dividend on an annualized basis and a yield of 0.57%. Old Dominion Freight Line’s payout ratio is presently 18.31%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director John D. Kasarda sold 15,944 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total value of $3,524,819.80. Following the completion of the sale, the director now owns 13,540 shares in the company, valued at approximately $2,993,355.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at about $27,000. Trust Co. of Vermont purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at about $27,000. Farmers & Merchants Investments Inc. grew its position in shares of Old Dominion Freight Line by 100.0% during the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at about $29,000. Finally, Headinvest LLC purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at about $30,000. Hedge funds and other 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.