Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Receives $190.50 Average Price Target from Brokerages

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has been assigned a consensus recommendation of “Hold” from the twenty-six brokerages that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $191.0833.

Several equities analysts have recently commented on the stock. TD Cowen boosted their target price on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Evercore raised their target price on shares of Old Dominion Freight Line from $150.00 to $200.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Wells Fargo & Company boosted their price target on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a research note on Thursday, February 5th. Citigroup reissued a “neutral” rating and set a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Finally, Jefferies Financial Group raised their price objective on Old Dominion Freight Line from $195.00 to $210.00 and gave the company a “hold” rating in a research report on Tuesday, March 3rd.

Insider Buying and Selling at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the sale, the insider directly owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the transaction, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 80,134 shares of company stock worth $15,640,132 in the last quarter. 10.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Large investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Old Dominion Freight Line during the fourth quarter valued at $444,983,000. Boston Partners purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter worth $292,599,000. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 worth $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. Two Sigma Investments LP increased its holdings in shares of 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 buying an additional 1,362,697 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at about $188,651,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Down 1.1%

Shares of ODFL opened at $195.02 on Friday. The business’s 50 day moving average is $185.47 and its 200 day moving average is $158.68. The company has a market capitalization of $40.65 billion, a PE ratio of 40.38, a price-to-earnings-growth ratio of 4.14 and a beta of 1.23. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share 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 business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the company posted $1.23 EPS. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. Equities research analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company 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 dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

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.