Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Receives $206.29 Consensus Target Price from Brokerages

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) have been assigned an average rating of “Hold” from the twenty-six research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $206.2917.

ODFL has been the topic of several analyst reports. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. TD Cowen restated a “hold” rating and issued a $194.00 target price (up from $180.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. JPMorgan Chase & Co. boosted their target price on shares of Old Dominion Freight Line from $183.00 to $197.00 and gave the company a “neutral” rating in a report on Thursday, April 30th. BMO Capital Markets boosted their target price on shares of Old Dominion Freight Line from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Finally, Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a report on Thursday, February 12th.

Old Dominion Freight Line Stock Up 1.3%

Shares of Old Dominion Freight Line stock opened at $210.47 on Wednesday. Old Dominion Freight Line has a twelve month low of $126.01 and a twelve month high of $233.79. The stock has a market cap of $43.77 billion, a price-to-earnings ratio of 44.03, a P/E/G ratio of 4.25 and a beta of 1.17. The company’s fifty day moving average is $201.08 and its 200 day moving average is $179.25.

Old Dominion Freight Line (NASDAQ:ODFL) last issued 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 for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the firm posted $1.19 earnings per share. Old Dominion Freight Line’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, equities analysts anticipate that Old Dominion Freight Line will post 5.32 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is currently 24.27%.

Insider Buying and Selling

In other news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the transaction, the insider directly owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 10.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Old Dominion Freight Line by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after purchasing an additional 494,674 shares during the period. Price T Rowe Associates Inc. MD raised its position in Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the period. State Street Corp raised its position in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after purchasing an additional 70,736 shares during the period. CIBC Private Wealth Group LLC raised its position in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after purchasing an additional 776,004 shares during the period. Finally, Boston Partners raised its position in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after purchasing an additional 2,044,434 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

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.