Old Dominion Freight Line (NASDAQ:ODFL) Shares Break Above 50-Day Moving Average – Here’s Why

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $185.54 and traded as high as $187.52. Old Dominion Freight Line shares last traded at $187.03, with a volume of 2,121,857 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ODFL shares. Truist Financial set a $230.00 price objective on Old Dominion Freight Line and gave the stock a “buy” rating in a research note on Wednesday, October 7th. Evercore reaffirmed an “outperform” rating and issued a $243.00 target price (up from $237.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Citigroup raised shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and lowered their price target for the company from $231.00 to $223.00 in a research report on Tuesday, September 8th. UBS Group reissued a “neutral” rating and issued a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, Susquehanna dropped their price objective on shares of Old Dominion Freight Line from $232.00 to $202.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Ten investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $223.48.

Old Dominion Freight Line Price Performance

The firm has a 50-day moving average of $185.54 and a two-hundred day moving average of $201.46.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business earned $1.27 EPS. Old Dominion Freight Line’s revenue was up 10.4% compared to the same quarter last year. As a group, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.86 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%.

Insider Buying and Selling at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president directly owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.20% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

Several institutional investors and hedge funds have recently bought and sold shares of ODFL. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line during the second quarter valued at about $3,416,007,000. Bank of New York Mellon Corp acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $543,289,000. Legal & General Group Plc acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $253,155,000. Caisse de depot et placement du Quebec purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $190,557,000. Finally, Bank of America Corp DE purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $160,147,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.