Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Up on Better-Than-Expected Earnings

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $183.66, but opened at $195.87. Old Dominion Freight Line shares last traded at $195.61, with a volume of 417,316 shares trading hands.

The transportation company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.28 dividend. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.57%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.18%.

Analyst Ratings Changes

ODFL has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price objective on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Barclays lowered their price target on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Stephens reaffirmed an “overweight” rating and set a $240.00 price target on shares of Old Dominion Freight Line in a report on Wednesday, December 4th. BMO Capital Markets lowered their price target on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. Finally, Stifel Nicolaus lifted their price target on shares of Old Dominion Freight Line from $176.00 to $193.00 and gave the company a “hold” rating in a report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $202.44.

Insider Buying and Selling

In related news, Director Leo H. Suggs sold 3,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the sale, the director now directly owns 7,383 shares of the company’s stock, valued at $1,664,423.52. This represents a 28.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.90% of the stock is currently owned by company insiders.

Institutional Trading of Old Dominion Freight Line

A number of hedge funds have recently added to or reduced their stakes in ODFL. Wellington Management Group LLP lifted its stake in Old Dominion Freight Line by 109.5% in the third quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after acquiring an additional 750,073 shares during the period. AustralianSuper Pty Ltd purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at about $128,221,000. International Assets Investment Management LLC lifted its position in shares of Old Dominion Freight Line by 19,764.0% during the third quarter. International Assets Investment Management LLC now owns 685,308 shares of the transportation company’s stock valued at $136,130,000 after buying an additional 681,858 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Old Dominion Freight Line by 74.8% during the third quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock valued at $207,068,000 after buying an additional 437,700 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at about $49,983,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Up 6.4 %

The firm has a market capitalization of $41.73 billion, a PE ratio of 34.20, a price-to-earnings-growth ratio of 4.95 and a beta of 1.05. The company’s 50-day simple moving average is $191.82 and its 200 day simple moving average is $197.73. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line Company Profile

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.