Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down – Should You Sell?

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) gapped down prior to trading on Wednesday . The stock had previously closed at $248.73, but opened at $230.84. Old Dominion Freight Line shares last traded at $236.2660, with a volume of 485,117 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ODFL shares. Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Citigroup reaffirmed a “neutral” rating and issued a $225.00 price objective (up from $218.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Stephens reiterated an “overweight” rating and set a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Evercore set a $219.00 price target on Old Dominion Freight Line in a research note on Thursday, April 30th. Finally, The Goldman Sachs Group set a $216.00 price objective on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $215.43.

Old Dominion Freight Line Trading Up 5.0%

The business’s 50 day moving average price is $214.24 and its two-hundred day moving average price is $189.13. The company has a market capitalization of $51.53 billion, a price-to-earnings ratio of 51.83, a P/E/G ratio of 4.78 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 EPS. Analysts expect that Old Dominion Freight Line, Inc. will post 5.38 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ODFL. Vanguard Group Inc. grew its holdings in Old Dominion Freight Line by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after acquiring an additional 494,674 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Old Dominion Freight Line by 14.1% in the fourth 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 last quarter. State Street Corp raised its position in Old Dominion Freight Line by 0.9% during 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 last quarter. CIBC Private Wealth Group LLC raised its position in Old Dominion Freight Line by 21.6% during 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 last quarter. Finally, Boston Partners lifted its holdings in Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after buying an additional 2,044,434 shares during the period. Institutional investors and hedge funds 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.