Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $203.00 at Bank of America

Old Dominion Freight Line (NASDAQ:ODFL) had its target price raised by Bank of America from $192.00 to $203.00 in a report published on Monday, Benzinga reports. Bank of America currently has a neutral rating on the transportation company’s stock.

Other analysts have also issued reports about the stock. Raymond James reduced their price objective on shares of Old Dominion Freight Line from $215.00 to $190.00 and set an outperform rating on the stock in a research report on Monday, June 24th. Evercore ISI reaffirmed an in-line rating and set a $196.00 target price (down from $225.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 25th. Robert W. Baird raised shares of Old Dominion Freight Line from a neutral rating to an outperform rating and set a $205.00 target price on the stock in a research report on Wednesday, May 8th. TD Cowen reduced their target price on shares of Old Dominion Freight Line from $209.00 to $206.00 and set a hold rating on the stock in a research report on Friday, April 26th. Finally, BMO Capital Markets assumed coverage on shares of Old Dominion Freight Line in a research report on Wednesday, June 5th. They set an outperform rating and a $210.00 target price on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $201.97.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $205.70 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.29 and a quick ratio of 2.29. Old Dominion Freight Line has a 1-year low of $165.49 and a 1-year high of $227.80. The firm has a market capitalization of $44.70 billion, a P/E ratio of 36.21, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00. The company’s 50-day moving average is $179.87 and its 200 day moving average is $198.72.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the company posted $1.33 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Research analysts forecast that Old Dominion Freight Line will post 5.9 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.04 annualized dividend and a yield of 0.51%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.31%.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors have recently bought and sold shares of the company. Verdence Capital Advisors LLC boosted its stake in Old Dominion Freight Line by 2.9% in the second quarter. Verdence Capital Advisors LLC now owns 3,808 shares of the transportation company’s stock valued at $673,000 after acquiring an additional 108 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Old Dominion Freight Line by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after acquiring an additional 270,538 shares in the last quarter. Rooted Wealth Advisors Inc. acquired a new stake in Old Dominion Freight Line in the second quarter valued at approximately $213,000. Hills Bank & Trust Co boosted its stake in Old Dominion Freight Line by 107.1% in the second quarter. Hills Bank & Trust Co now owns 3,806 shares of the transportation company’s stock valued at $672,000 after acquiring an additional 1,968 shares in the last quarter. Finally, Raymond James Trust N.A. boosted its stake in Old Dominion Freight Line by 79.8% in the second quarter. Raymond James Trust N.A. now owns 3,015 shares of the transportation company’s stock valued at $532,000 after acquiring an additional 1,338 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

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.