Old Dominion Freight Line (NASDAQ:ODFL) Hits New 52-Week High – Time to Buy?

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $208.95 and last traded at $205.3060, with a volume of 807035 shares trading hands. The stock had previously closed at $203.05.

Wall Street Analyst Weigh In

ODFL has been the topic of several research analyst reports. Susquehanna restated a “neutral” rating and issued a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Raymond James Financial boosted their target price on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Wells Fargo & Company increased their target price on Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a report on Thursday, February 5th. UBS Group reaffirmed a “neutral” rating and issued a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $195.00 price objective on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $189.88.

Old Dominion Freight Line Stock Up 2.4%

The stock has a market cap of $43.32 billion, a price-to-earnings ratio of 43.10, a price-to-earnings-growth ratio of 10.13 and a beta of 1.23. The stock’s 50 day moving average price is $179.12 and its two-hundred day moving average price is $156.13.

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

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be given 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 is 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 payout ratio is 23.19%.

Insider Activity at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the transaction, the chairman owned 712,800 shares in the company, valued at $138,832,056. This represents a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,134 shares of company stock worth $15,640,132 in the last 90 days. Corporate insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors and hedge funds have recently added to or reduced their stakes in ODFL. Vanguard Group Inc. grew its position in shares of Old Dominion Freight Line by 2.2% in the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after purchasing an additional 494,674 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after buying an additional 1,761,511 shares in the last quarter. State Street Corp boosted its holdings in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after buying an additional 70,736 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in Old Dominion Freight Line by 21.6% during 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 buying an additional 776,004 shares in the last quarter. Finally, Boston Partners raised its holdings in shares of Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after acquiring an additional 2,044,434 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

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.