Old Dominion Freight Line (NASDAQ:ODFL) Cut to Sell at StockNews.com

StockNews.com lowered shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a sell rating in a research note issued to investors on Saturday.

A number of other brokerages have also recently weighed in on ODFL. Truist Financial initiated coverage on Old Dominion Freight Line in a report on Thursday, March 13th. They issued a “buy” rating and a $220.00 target price on the stock. Jefferies Financial Group raised their price objective on Old Dominion Freight Line from $185.00 to $190.00 and gave the stock a “hold” rating in a report on Friday, January 10th. Morgan Stanley boosted their target price on Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. Bank of America cut their price target on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Wells Fargo & Company reduced their price target on shares of Old Dominion Freight Line from $185.00 to $160.00 and set an “underweight” rating on the stock in a research report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $200.20.

Old Dominion Freight Line Stock Up 0.4 %

ODFL opened at $165.45 on Friday. The stock has a market capitalization of $35.17 billion, a price-to-earnings ratio of 30.19, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. Old Dominion Freight Line has a 12 month low of $157.67 and a 12 month high of $233.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The business has a 50-day moving average of $182.14 and a two-hundred day moving average of $193.41.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. On average, research analysts expect that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date was Wednesday, March 5th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.98%.

Institutional Trading of Old Dominion Freight Line

Several institutional investors have recently added to or reduced their stakes in the business. State Street Corp boosted its holdings in shares of Old Dominion Freight Line by 3.8% in the 3rd quarter. State Street Corp now owns 7,633,531 shares of the transportation company’s stock valued at $1,516,324,000 after buying an additional 279,946 shares during the period. Geode Capital Management LLC grew its holdings in shares of Old Dominion Freight Line by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company’s stock valued at $870,311,000 after purchasing an additional 96,410 shares during the last quarter. Norges Bank bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $494,916,000. Capital World Investors raised its position in shares of Old Dominion Freight Line by 1.1% during the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company’s stock worth $442,784,000 after purchasing an additional 27,367 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Old Dominion Freight Line by 15.2% in the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company’s stock worth $349,952,000 after purchasing an additional 261,305 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

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.