Truist Financial Issues Positive Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective boosted by Truist Financial from $225.00 to $250.00 in a report issued on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the transportation company’s stock.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group increased their price target on Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a “hold” rating in a report on Tuesday, June 9th. Wolfe Research lifted their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a report on Tuesday, April 7th. Rothschild & Co Redburn decreased their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research report on Tuesday, May 12th. UBS Group increased their target price on Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Finally, Robert W. Baird set a $229.00 target price on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a report on Tuesday, April 28th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $222.00.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $225.23 on Wednesday. The stock has a market cap of $46.84 billion, a P/E ratio of 47.12, a P/E/G ratio of 4.16 and a beta of 1.18. The firm has a 50 day moving average price of $220.29 and a 200 day moving average price of $201.40. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results 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 for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the business posted $1.19 earnings per share. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. Analysts predict that Old Dominion Freight Line will post 5.51 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 24.27%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently made changes to their positions in ODFL. Annis Gardner Whiting Capital Advisors LLC increased its stake in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares during the last quarter. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth $28,000. Evolution Wealth Management Inc. acquired a new position in shares of Old Dominion Freight Line during the 1st quarter worth $29,000. DT Investment Partners LLC lifted its position in shares of 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 worth $33,000 after buying an additional 180 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in shares of Old Dominion Freight Line during the 1st quarter worth $39,000. 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.