Old Dominion Freight Line (NASDAQ:ODFL) Given “Equal Weight” Rating at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of Old Dominion Freight Line (NASDAQ:ODFL) in a research report released on Monday morning, Marketbeat Ratings reports. They currently have a $245.00 price objective on the transportation company’s stock, up from their prior price objective of $235.00.

A number of other brokerages also recently weighed in on ODFL. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Susquehanna upped their price target on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Wolfe Research increased their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a report on Tuesday, April 7th. BMO Capital Markets reissued an “outperform” rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $219.35.

Old Dominion Freight Line Price Performance

ODFL stock opened at $216.58 on Monday. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market cap of $45.04 billion, a price-to-earnings ratio of 45.33, a P/E/G ratio of 4.36 and a beta of 1.18. The company has a 50 day simple moving average of $218.42 and a 200 day simple moving average of $198.10.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 earnings per share. On average, equities research analysts anticipate that Old Dominion Freight Line will post 5.44 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated 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 sale, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 10.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ODFL. Norges Bank bought a new position in shares of Old Dominion Freight Line in the fourth quarter worth $444,983,000. Boston Partners purchased a new position in Old Dominion Freight Line during the 3rd quarter valued at about $292,599,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after acquiring an additional 1,362,697 shares during the period. Finally, Life Cycle Investment Partners Ltd purchased a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $188,651,000. 77.82% of the stock is owned by institutional investors.

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.