Old Dominion Freight Line (NASDAQ:ODFL) Trading Down 5% on Analyst Downgrade

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price dropped 5% on Friday after TD Cowen lowered their price target on the stock from $209.00 to $206.00. TD Cowen currently has a hold rating on the stock. Old Dominion Freight Line traded as low as $181.30 and last traded at $186.92. Approximately 658,071 shares traded hands during trading, a decline of 52% from the average daily volume of 1,378,705 shares. The stock had previously closed at $196.66.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating for the company in a research report on Thursday. UBS Group upped their price target on Old Dominion Freight Line from $202.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday. Stifel Nicolaus raised their price objective on shares of Old Dominion Freight Line from $208.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. The Goldman Sachs Group boosted their target price on shares of Old Dominion Freight Line from $200.00 to $222.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. Finally, Raymond James increased their price target on shares of Old Dominion Freight Line from $207.50 to $233.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $210.97.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director John D. Kasarda sold 15,944 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $221.08, for a total value of $3,524,819.80. Following the transaction, the director now directly owns 13,540 shares of the company’s stock, valued at $2,993,355.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently added to or reduced their stakes in ODFL. Fortitude Family Office LLC acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at $27,000. Trust Co. of Vermont bought a new stake in shares of Old Dominion Freight Line in the fourth quarter worth about $27,000. Farmers & Merchants Investments Inc. increased its holdings in shares of Old Dominion Freight Line by 100.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after acquiring an additional 62 shares in the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $29,000. Finally, Headinvest LLC bought a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at about $30,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.10 and a current ratio of 2.29. The firm has a market capitalization of $39.71 billion, a price-to-earnings ratio of 32.12, a price-to-earnings-growth ratio of 2.80 and a beta of 1.02. The company has a 50-day moving average of $220.06 and a 200-day moving average of $206.41.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.01. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.47 billion. As a group, research analysts anticipate that Old Dominion Freight Line, Inc. will post 6.35 EPS for the current fiscal year.

Old Dominion Freight Line Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Tuesday, March 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.31%.

About Old Dominion Freight Line

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