Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Receives $155.58 Average Price Target from Brokerages

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has been given an average recommendation of “Hold” by the twenty-seven ratings firms that are covering the stock, MarketBeat reports. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $155.5833.

Several equities research analysts recently issued reports on ODFL shares. Stephens dropped their target price on shares of Old Dominion Freight Line from $162.00 to $156.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Wells Fargo & Company lowered their price target on Old Dominion Freight Line from $145.00 to $138.00 and set an “underweight” rating on the stock in a report on Thursday, October 30th. The Goldman Sachs Group dropped their price target on Old Dominion Freight Line from $186.00 to $181.00 in a research note on Thursday, October 30th. Morgan Stanley upgraded Old Dominion Freight Line from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $165.00 to $190.00 in a research report on Monday, December 8th. Finally, Citigroup reissued a “buy” rating and issued a $170.00 target price (up previously from $168.00) on shares of Old Dominion Freight Line in a report on Wednesday, December 3rd.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $159.49 on Friday. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $209.61. The stock has a 50-day moving average of $143.63 and a 200 day moving average of $149.30. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.20 and a current ratio of 1.20. The company has a market capitalization of $33.35 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 8.45 and a beta of 1.27.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm posted $1.43 EPS. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio is presently 22.54%.

Institutional Trading of Old Dominion Freight Line

Several large investors have recently added to or reduced their stakes in ODFL. Norges Bank bought a new position in Old Dominion Freight Line in the second quarter worth approximately $371,961,000. Boston Partners purchased a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth $292,599,000. Two Sigma Investments LP raised its holdings in Old Dominion Freight Line by 637.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after purchasing an additional 1,362,697 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after purchasing an additional 776,004 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares in the last quarter. 77.82% of the stock is currently 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.