Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $182.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price target raised by The Goldman Sachs Group from $181.00 to $182.00 in a research report report published on Wednesday,MarketScreener reports. The firm currently has a buy rating on the transportation company’s stock.

A number of other research analysts also recently issued reports on ODFL. Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Friday, January 9th. UBS Group boosted their target price on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Stifel Nicolaus set a $173.00 price target on shares of Old Dominion Freight Line and gave the company a “buy” rating in a research report on Tuesday, December 16th. Evercore ISI set a $150.00 price objective on shares of Old Dominion Freight Line and gave the stock an “in-line” rating in a research report on Monday. Finally, BMO Capital Markets upgraded Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and cut their price target for the company from $172.00 to $170.00 in a research note on Monday, December 1st. Ten equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $162.71.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $175.65 on Wednesday. The company has a market cap of $36.73 billion, a PE ratio of 35.34, a P/E/G ratio of 8.86 and a beta of 1.27. The firm’s 50 day moving average price is $152.13 and its 200-day moving average price is $150.12. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.20 and a current ratio of 1.20. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.43 earnings per share. Sell-side analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Shareholders of record on Wednesday, December 3rd were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $1.12 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.54%.

Hedge Funds Weigh In On Old Dominion Freight Line

Several large investors have recently made changes to their positions in ODFL. Assenagon Asset Management S.A. increased its position in Old Dominion Freight Line by 31.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 253,478 shares of the transportation company’s stock worth $35,685,000 after purchasing an additional 60,279 shares in the last quarter. Vest Financial LLC grew its stake in Old Dominion Freight Line by 66.8% during the second quarter. Vest Financial LLC now owns 170,838 shares of the transportation company’s stock worth $27,727,000 after buying an additional 68,410 shares during the period. Ascent Group LLC increased its position in shares of Old Dominion Freight Line by 440.7% in the third quarter. Ascent Group LLC now owns 8,564 shares of the transportation company’s stock worth $1,206,000 after acquiring an additional 6,980 shares in the last quarter. Bridges Investment Management Inc. raised its stake in shares of Old Dominion Freight Line by 0.7% in the 2nd quarter. Bridges Investment Management Inc. now owns 688,961 shares of the transportation company’s stock valued at $111,818,000 after acquiring an additional 4,849 shares during the period. Finally, Founders Financial Securities LLC acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at $908,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Company Profile

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.