Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Receives Average Rating of “Hold” from Analysts

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) have earned a consensus rating of “Hold” from the eighteen research firms that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $369.70.

Several research analysts have weighed in on ODFL shares. Morgan Stanley decreased their price objective on shares of Old Dominion Freight Line from $334.00 to $332.00 in a report on Thursday, July 6th. Wells Fargo & Company raised their price objective on shares of Old Dominion Freight Line from $425.00 to $465.00 in a report on Thursday, July 27th. VNET Group reissued a “maintains” rating on shares of Old Dominion Freight Line in a report on Friday, June 30th. Credit Suisse Group raised their price objective on shares of Old Dominion Freight Line from $304.00 to $375.00 in a report on Thursday, July 27th. Finally, Evercore ISI raised their price objective on shares of Old Dominion Freight Line from $350.00 to $363.00 in a report on Tuesday, June 27th.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $409.60 on Monday. The firm has a fifty day moving average of $408.12 and a 200-day moving average of $357.25. The firm has a market capitalization of $44.76 billion, a P/E ratio of 35.59, a PEG ratio of 4.41 and a beta of 1.12. Old Dominion Freight Line has a 52-week low of $240.00 and a 52-week high of $438.05. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.02. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.44 billion. Old Dominion Freight Line had a net margin of 21.49% and a return on equity of 34.58%. The business’s revenue was down 15.2% on a year-over-year basis. During the same period last year, the business earned $3.30 EPS. As a group, analysts predict that Old Dominion Freight Line will post 10.73 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be given a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 5th. This represents a $1.60 annualized dividend and a yield of 0.39%. Old Dominion Freight Line’s dividend payout ratio is presently 13.90%.

Old Dominion Freight Line declared that its board has approved a stock buyback plan on Wednesday, July 26th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to reacquire up to 6.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Thomas A. Stith III sold 225 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $411.66, for a total transaction of $92,623.50. Following the transaction, the director now owns 1,342 shares of the company’s stock, valued at approximately $552,447.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Steven W. Hartsell sold 403 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $405.33, for a total value of $163,347.99. Following the transaction, the senior vice president now owns 491 shares of the company’s stock, valued at approximately $199,017.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas A. Stith III sold 225 shares of Old Dominion Freight Line stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $411.66, for a total transaction of $92,623.50. Following the completion of the transaction, the director now directly owns 1,342 shares in the company, valued at approximately $552,447.72. The disclosure for this sale can be found here. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently made changes to their positions in the business. ST Germain D J Co. Inc. acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $832,000. Portside Wealth Group LLC acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $6,042,000. Western Wealth Management LLC acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $216,000. Virginia Retirement Systems ET AL acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $22,666,000. Finally, Comerica Bank acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $22,967,000. Institutional investors and hedge funds own 72.14% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.