Old Dominion Freight Line (NASDAQ:ODFL) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Old Dominion Freight Line (NASDAQ:ODFL) had its target price trimmed by JPMorgan Chase & Co. from $232.00 to $216.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a neutral rating on the transportation company’s stock.

A number of other research analysts have also weighed in on the company. Sanford C. Bernstein assumed coverage on Old Dominion Freight Line in a report on Thursday, September 10th. They set a “market perform” rating and a $200.00 target price for the company. Bank of America lowered their price target on shares of Old Dominion Freight Line from $240.00 to $205.00 in a report on Friday, September 4th. Weiss Ratings downgraded shares of Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Barclays set a $200.00 price objective on shares of Old Dominion Freight Line and gave the company an “equal weight” rating in a research report on Thursday. Finally, Evercore reaffirmed an “outperform” rating and set a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus target price of $217.30.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $172.56 on Friday. The business’s fifty day moving average is $183.55 and its 200-day moving average is $201.46. The stock has a market capitalization of $35.78 billion, a price-to-earnings ratio of 31.04, a PEG ratio of 2.82 and a beta of 1.14. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 28th. The transportation company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.61 by $0.04. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the prior year, the firm earned $1.28 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. Research analysts expect that Old Dominion Freight Line will post 5.93 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $1.16 annualized dividend and a yield of 0.7%. Old Dominion Freight Line’s payout ratio is presently 20.86%.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares of the company’s stock, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Old Dominion Freight Line during the second quarter worth about $3,416,007,000. Bank of New York Mellon Corp purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter worth about $543,289,000. Legal & General Group Plc bought a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at about $253,155,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Old Dominion Freight Line by 14.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company’s stock valued at $241,367,000 after purchasing an additional 142,809 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Old Dominion Freight Line by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,713 shares of the transportation company’s stock valued at $215,808,000 after purchasing an additional 12,245 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.