Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $215.00 at Morgan Stanley

Old Dominion Freight Line (NASDAQ:ODFL) had its price target lifted by Morgan Stanley from $209.00 to $215.00 in a report published on Tuesday,MarketScreener reports. Morgan Stanley currently has an overweight rating on the transportation company’s stock.

ODFL has been the subject of several other reports. Evercore lifted their price target on Old Dominion Freight Line from $200.00 to $201.00 in a research report on Friday, March 27th. JPMorgan Chase & Co. lifted their price target on Old Dominion Freight Line from $182.00 to $183.00 and gave the company a “neutral” rating in a research report on Tuesday, April 7th. Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price objective for the company in a research report on Thursday, February 12th. Rothschild & Co Redburn boosted their price objective on Old Dominion Freight Line from $114.00 to $176.00 and gave the company a “sell” rating in a research report on Friday, February 6th. Finally, Wolfe Research boosted their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research report on Tuesday, April 7th. Nine analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $197.38.

Old Dominion Freight Line Price Performance

ODFL stock traded down $9.24 during trading on Tuesday, hitting $212.53. 1,186,356 shares of the company traded hands, compared to its average volume of 2,203,831. The stock’s 50-day simple moving average is $200.34 and its 200 day simple moving average is $172.33. The company has a market cap of $44.27 billion, a PE ratio of 44.93, a P/E/G ratio of 4.62 and a beta of 1.20. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the business earned $1.19 earnings per share. Research analysts expect that Old Dominion Freight Line will post 5.13 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 24.02%.

Insider Activity

In other news, insider Earl E. Congdon sold 25,000 shares of the business’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 value of $4,903,250.00. Following the completion of the sale, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the business’s 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 completion of the sale, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This trade 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 over the last three months. 10.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

Large investors have recently made changes to their positions in the company. Evolution Wealth Management Inc. purchased a new stake in shares of Old Dominion Freight Line during the first quarter worth approximately $29,000. Reflection Asset Management purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth approximately $28,000. E Fund Management Hong Kong Co. Ltd. increased its position in shares of Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. increased its position in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after purchasing an additional 98 shares in the last quarter. Finally, DT Investment Partners LLC increased its position in shares of Old Dominion Freight Line by 600.0% during 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 currently owned by hedge funds and other 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.