Old Dominion Freight Line, Inc. (ODFL) to Distribute Quarterly Dividend of $0.29 on December 16th

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) declared a quarterly dividend on Thursday, October 22nd. Shareholders of record on Wednesday, December 2nd will be paid a dividend of $0.29 per share by the transportation company on Wednesday, December 16th. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date is Wednesday, December 2nd.

Old Dominion Freight Line has increased its dividend by an average of 0.3% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Old Dominion Freight Line has a payout ratio of 19.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Old Dominion Freight Line to earn $6.73 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 17.2%.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $182.70 on Friday. The company has a market cap of $37.88 billion, a P/E ratio of 35.20, a PEG ratio of 3.14 and a beta of 1.20. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The firm has a fifty day moving average of $186.11 and a two-hundred day moving average of $207.29.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business posted $1.27 earnings per share. The business’s revenue was up 10.4% compared to the same quarter last year. As a group, equities analysts predict that Old Dominion Freight Line will post 5.86 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on ODFL shares. UBS Group reiterated a “neutral” rating and issued a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $244.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. Sanford C. Bernstein initiated coverage on shares of Old Dominion Freight Line in a research report on Thursday, September 10th. They set a “market perform” rating and a $200.00 price target for the company. Bank of America reduced their price target on shares of Old Dominion Freight Line from $240.00 to $205.00 in a research report on Friday, September 4th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Ten investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $223.48.

About Old Dominion Freight Line

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.