Old Dominion Freight Line, Inc. Forecasted to Post FY2018 Earnings of $4.70 Per Share (ODFL)
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) – Stock analysts at KeyCorp increased their FY2018 earnings per share (EPS) estimates for shares of Old Dominion Freight Line in a note issued to investors on Wednesday. KeyCorp analyst T. Fowler now anticipates that the transportation company will post earnings of $4.70 per share for the year, up from their prior forecast of $4.60. KeyCorp currently has a “Buy” rating and a $115.00 target price on the stock.
Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, July 27th. The transportation company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.09. The business had revenue of $839.90 million for the quarter, compared to the consensus estimate of $824.68 million. Old Dominion Freight Line had a return on equity of 16.87% and a net margin of 10.19%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the business earned $0.98 earnings per share.
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A number of other research analysts have also issued reports on the stock. BidaskClub upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Cowen and Company restated a “hold” rating and set a $100.00 target price on shares of Old Dominion Freight Line in a research report on Friday, September 1st. Buckingham Research began coverage on shares of Old Dominion Freight Line in a research report on Monday, August 21st. They set a “neutral” rating and a $105.00 target price on the stock. Bank of America Corporation downgraded shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $105.00 to $102.00 in a report on Tuesday. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a report on Tuesday, July 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $103.75.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in Old Dominion Freight Line by 11,389.2% in the 1st quarter. BlackRock Inc. now owns 5,400,851 shares of the transportation company’s stock valued at $462,150,000 after purchasing an additional 5,353,843 shares during the last quarter. Janus Henderson Group PLC bought a new position in Old Dominion Freight Line in the 2nd quarter valued at approximately $266,855,000. William Blair Investment Management LLC lifted its stake in Old Dominion Freight Line by 7.9% in the 2nd quarter. William Blair Investment Management LLC now owns 2,625,605 shares of the transportation company’s stock valued at $250,063,000 after purchasing an additional 191,911 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in Old Dominion Freight Line by 8.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,099,932 shares of the transportation company’s stock valued at $199,998,000 after purchasing an additional 157,362 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Old Dominion Freight Line by 8.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,923,369 shares of the transportation company’s stock valued at $183,182,000 after purchasing an additional 151,407 shares during the last quarter. 73.84% of the stock is owned by institutional investors.
In other news, Vice Chairman David S. Congdon sold 575 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $97.83, for a total transaction of $56,252.25. Following the completion of the sale, the insider now owns 9,516 shares of the company’s stock, valued at approximately $930,950.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.00% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Friday, September 1st. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 10.39%.
About Old Dominion Freight Line
Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.
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