Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Given Average Recommendation of “Hold” by Analysts

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) have received an average rating of “Hold” from the twenty-six ratings firms that are presently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $191.0833.

Several analysts have commented on ODFL shares. The Goldman Sachs Group restated a “buy” rating and issued a $195.00 price objective on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Stephens reiterated an “overweight” rating and set a $232.00 target price on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Morgan Stanley reissued an “overweight” rating and issued a $209.00 target price (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Raymond James Financial raised their target price on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Finally, TD Cowen upped their price target on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th.

Old Dominion Freight Line Trading Up 0.7%

Shares of NASDAQ ODFL opened at $189.75 on Tuesday. The firm has a fifty day simple moving average of $189.99 and a two-hundred day simple moving average of $162.07. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $221.63. The firm has a market capitalization of $39.55 billion, a PE ratio of 39.29, a price-to-earnings-growth ratio of 3.96 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm posted $1.23 EPS. The company’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, sell-side analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a dividend of $0.29 per share. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 24.02%.

Insider Transactions at Old Dominion Freight Line

In other news, Director Bradley R. Gabosch sold 3,134 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 80,134 shares of company stock valued at $15,640,132 in the last three months. 10.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of ODFL. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 123 shares in the last quarter. Westside Investment Management Inc. grew its position in Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares during the last quarter. Reflection Asset Management purchased a new stake in Old Dominion Freight Line during the 4th quarter valued at about $28,000. DT Investment Partners LLC increased its stake in Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares in the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in Old Dominion Freight Line in the third quarter worth about $37,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.