Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Stock Rated “Hold” by Wall Street Brokerages

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) have been assigned an average recommendation of “Hold” from the twenty-six ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $227.65.

ODFL has been the topic of several recent research reports. Bank of America cut their price objective on shares of Old Dominion Freight Line from $240.00 to $205.00 in a research report on Friday, September 4th. Morgan Stanley reiterated an “equal weight” rating and issued a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. Zacks Research upgraded Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Finally, Susquehanna lifted their price target on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Wednesday, August 5th.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $173.30 on Tuesday. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The stock has a market cap of $35.94 billion, a price-to-earnings ratio of 33.39, a PEG ratio of 2.91 and a beta of 1.16. The company has a 50-day moving average of $201.16 and a two-hundred day moving average of $208.17.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.Old Dominion Freight Line’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.27 earnings per share. Analysts anticipate that Old Dominion Freight Line will post 5.78 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, September 16th. Stockholders of record on Wednesday, September 2nd were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Insider Transactions at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president directly owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

Several hedge funds have recently modified their holdings of the company. Summitry LLC raised its position in Old Dominion Freight Line by 5.4% in the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock valued at $34,210,000 after purchasing an additional 11,223 shares during the last quarter. Nykredit A S acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at $16,333,000. Park National Corp OH bought a new position in shares of Old Dominion Freight Line in the first quarter valued at about $1,056,000. Erste Asset Management GmbH raised its holdings in shares of Old Dominion Freight Line by 275.9% in the fourth quarter. Erste Asset Management GmbH now owns 61,040 shares of the transportation company’s stock valued at $9,573,000 after buying an additional 44,800 shares during the last quarter. Finally, WINTON GROUP Ltd lifted its position in Old Dominion Freight Line by 107.2% during the 4th quarter. WINTON GROUP Ltd now owns 15,497 shares of the transportation company’s stock worth $2,430,000 after buying an additional 8,016 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.