The Goldman Sachs Group Issues Positive Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective raised by The Goldman Sachs Group from $181.00 to $182.00 in a research report report published on Wednesday,MarketScreener reports. The brokerage currently has a buy rating on the transportation company’s stock.

Other equities analysts also recently issued reports about the stock. Wall Street Zen raised shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Raymond James Financial reiterated an “outperform” rating and issued a $155.00 target price (down previously from $160.00) on shares of Old Dominion Freight Line in a research note on Thursday, October 30th. Rothschild Redb raised Old Dominion Freight Line to a “strong sell” rating in a report on Wednesday, November 26th. Zacks Research cut Old Dominion Freight Line from a “hold” rating to a “strong sell” rating in a report on Thursday, January 8th. Finally, Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a research report on Thursday, January 8th. Ten investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $162.71.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL traded up $4.69 during trading hours on Wednesday, reaching $178.21. The company had a trading volume of 2,101,058 shares, compared to its average volume of 1,878,266. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $150.60 and a two-hundred day moving average of $149.83. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $209.61. The firm has a market capitalization of $37.26 billion, a PE ratio of 35.86, a PEG ratio of 8.43 and a beta of 1.27.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the business earned $1.43 earnings per share. The business’s revenue was down 4.3% on a year-over-year basis. Analysts forecast that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s payout ratio is presently 22.54%.

Hedge Funds Weigh In On Old Dominion Freight Line

Hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in shares of Old Dominion Freight Line by 31.2% in the third quarter. Assenagon Asset Management S.A. now owns 253,478 shares of the transportation company’s stock valued at $35,685,000 after acquiring an additional 60,279 shares during the last quarter. Vest Financial LLC grew its stake in Old Dominion Freight Line by 66.8% in the second quarter. Vest Financial LLC now owns 170,838 shares of the transportation company’s stock valued at $27,727,000 after purchasing an additional 68,410 shares in the last quarter. Ascent Group LLC increased its position in shares of Old Dominion Freight Line by 440.7% during the 3rd quarter. Ascent Group LLC now owns 8,564 shares of the transportation company’s stock worth $1,206,000 after purchasing an additional 6,980 shares during the last quarter. Bridges Investment Management Inc. raised its stake in shares of Old Dominion Freight Line by 0.7% during the 2nd quarter. Bridges Investment Management Inc. now owns 688,961 shares of the transportation company’s stock worth $111,818,000 after purchasing an additional 4,849 shares in the last quarter. Finally, Founders Financial Securities LLC bought a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth approximately $908,000. Institutional investors own 77.82% of the company’s stock.

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.