Citigroup Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $340.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price trimmed by Citigroup from $350.00 to $340.00 in a report published on Wednesday morning, The Fly reports.

Other analysts also recently issued reports about the company. Raymond James increased their price objective on Old Dominion Freight Line from $345.00 to $380.00 and gave the stock a market outperform rating in a research note on Thursday, December 30th. Benchmark started coverage on Old Dominion Freight Line in a research note on Friday, December 3rd. They issued a hold rating for the company. Susquehanna Bancshares started coverage on Old Dominion Freight Line in a research note on Thursday, December 9th. They issued a neutral rating and a $395.00 price objective for the company. Stephens increased their price objective on Old Dominion Freight Line from $360.00 to $385.00 in a research note on Tuesday, January 4th. Finally, UBS Group downgraded Old Dominion Freight Line from a buy rating to a neutral rating and increased their price objective for the stock from $288.00 to $365.00 in a research note on Tuesday, November 16th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $313.90.

Shares of Old Dominion Freight Line stock opened at $316.12 on Wednesday. Old Dominion Freight Line has a one year low of $192.76 and a one year high of $373.58. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 2.39. The stock’s 50-day moving average is $349.48 and its 200 day moving average is $308.71. The firm has a market cap of $36.36 billion, a price-to-earnings ratio of 39.08, a PEG ratio of 1.13 and a beta of 1.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 27th. The transportation company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.10. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.38 billion. Old Dominion Freight Line had a return on equity of 28.35% and a net margin of 19.22%. The company’s quarterly revenue was up 32.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.71 earnings per share. On average, sell-side analysts expect that Old Dominion Freight Line will post 8.71 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.25%. The ex-dividend date was Tuesday, November 30th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 9.89%.

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 17,000 shares of the stock in a transaction on Thursday, November 18th. The stock was sold at an average price of $353.66, for a total transaction of $6,012,220.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction on Monday, November 1st. The shares were sold at an average price of $345.03, for a total value of $1,035,090.00. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. JJJ Advisors Inc. boosted its stake in Old Dominion Freight Line by 7.2% during the third quarter. JJJ Advisors Inc. now owns 508 shares of the transportation company’s stock valued at $145,000 after buying an additional 34 shares during the period. Penserra Capital Management LLC raised its position in Old Dominion Freight Line by 10.0% during the third quarter. Penserra Capital Management LLC now owns 374 shares of the transportation company’s stock valued at $106,000 after purchasing an additional 34 shares in the last quarter. Holderness Investments Co. raised its position in Old Dominion Freight Line by 2.6% during the third quarter. Holderness Investments Co. now owns 1,397 shares of the transportation company’s stock valued at $400,000 after purchasing an additional 35 shares in the last quarter. Brookstone Capital Management raised its position in Old Dominion Freight Line by 4.0% during the fourth quarter. Brookstone Capital Management now owns 914 shares of the transportation company’s stock valued at $304,000 after purchasing an additional 35 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its position in Old Dominion Freight Line by 1.7% during the third quarter. Mount Yale Investment Advisors LLC now owns 2,173 shares of the transportation company’s stock valued at $621,000 after purchasing an additional 36 shares in the last quarter. 71.02% of the stock is owned by hedge funds and other institutional investors.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc engages in the provision of less-than-truckload services. The firm involves in the ground and air expedited transportation and consumer household pickup and delivery. Its services include container drayage, truckload brokerage, supply chain consulting and warehousing. The company was founded by Earl Congdon Sr.

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