Old Dominion Freight Line (NASDAQ:ODFL) Shares Down 7.8% – Here’s What Happened

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) traded down 7.8% during mid-day trading on Friday . The company traded as low as $194.01 and last traded at $194.24. 765,663 shares changed hands during trading, a decline of 67% from the average session volume of 2,315,134 shares. The stock had previously closed at $210.68.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ODFL shares. Deutsche Bank Aktiengesellschaft cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective on the stock. in a research note on Thursday, February 5th. TD Cowen upped their price target on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Stifel Nicolaus set a $217.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. The Goldman Sachs Group reissued a “buy” rating and set a $195.00 target price on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Finally, Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price for the company in a research report on Thursday, February 12th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $190.50.

Old Dominion Freight Line Stock Down 8.6%

The firm has a market capitalization of $40.12 billion, a price-to-earnings ratio of 39.86, a price-to-earnings-growth ratio of 10.77 and a beta of 1.23. The firm’s 50 day moving average is $183.31 and its 200 day moving average is $157.72.

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

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.02%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Bradley R. Gabosch sold 3,134 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 80,134 shares of company stock worth $15,640,132. Company insiders own 10.00% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

Large investors have recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. acquired a new stake in shares of Old Dominion Freight Line in the second quarter worth $26,000. E Fund Management Hong Kong Co. Ltd. boosted its position in Old Dominion Freight Line by 175.7% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after acquiring an additional 123 shares during the period. Westside Investment Management Inc. grew its stake in Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 98 shares in the last quarter. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $28,000. Finally, DT Investment Partners LLC lifted its position in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares in the last quarter. 77.82% of the stock is 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.