Old Dominion Freight Line (NASDAQ:ODFL) Sets New 1-Year High – Here’s Why

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $249.14 and last traded at $245.9580, with a volume of 547125 shares trading hands. The stock had previously closed at $245.52.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ODFL. Citigroup restated a “neutral” rating and set a $225.00 price objective (up from $218.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Jefferies Financial Group lifted their target price on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Susquehanna boosted their price objective on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price objective on the stock in a research note on Thursday, February 12th. Finally, Wolfe Research upped their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a report on Tuesday, April 7th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $208.33.

Old Dominion Freight Line Trading Down 1.2%

The company’s 50-day simple moving average is $209.88 and its 200-day simple moving average is $185.49. The stock has a market capitalization of $50.45 billion, a price-to-earnings ratio of 50.75, a PEG ratio of 4.92 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the company posted $1.19 earnings per share. Old Dominion Freight Line’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.37 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of large investors have recently bought and sold shares of the stock. Westside Investment Management Inc. grew its holdings in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after buying an additional 98 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the last quarter. Reflection Asset Management purchased a new position in Old Dominion Freight Line during the fourth quarter worth about $28,000. Evolution Wealth Management Inc. purchased a new position in Old Dominion Freight Line during the first quarter worth about $29,000. Finally, DT Investment Partners LLC raised its position in Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

About Old Dominion Freight Line

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.