Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Down 7.8% – What’s Next?

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) traded down 7.8% during trading on Friday . The company traded as low as $194.01 and last traded at $194.24. 765,663 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 2,315,134 shares. The stock had previously closed at $210.68.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ODFL. Raymond James Financial raised their price objective on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price for the company in a research report on Thursday, February 12th. Stifel Nicolaus set a $217.00 target price on Old Dominion Freight Line in a research note on Thursday, February 5th. Truist Financial set a $225.00 price target on Old Dominion Freight Line in a research report on Thursday, February 5th. Finally, Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $190.50.

Old Dominion Freight Line Stock Down 7.9%

The company has a fifty day moving average price of $184.00 and a 200 day moving average price of $158.04. The stock has a market cap of $40.43 billion, a PE ratio of 40.16, a P/E/G ratio of 4.08 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the business posted $1.23 EPS. Old Dominion Freight Line’s quarterly revenue was down 5.7% compared to the same quarter last year. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is currently 24.02%.

Insider Buying and Selling

In related news, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the sale, the chairman directly owned 712,800 shares of the company’s stock, valued at $138,832,056. The trade was a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 over the last three months. 10.00% of the stock is owned by company insiders.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of ODFL. Brighton Jones LLC increased its holdings in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after purchasing an additional 79 shares during the period. Empowered Funds LLC grew its position in shares of Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after buying an additional 5,866 shares during the last quarter. Assetmark Inc. grew its position in shares of Old Dominion Freight Line by 10.5% in the 2nd quarter. Assetmark Inc. now owns 1,756 shares of the transportation company’s stock worth $285,000 after buying an additional 167 shares during the last quarter. Crestwood Advisors Group LLC increased its stake in shares of Old Dominion Freight Line by 9.7% during the second quarter. Crestwood Advisors Group LLC now owns 2,358 shares of the transportation company’s stock valued at $383,000 after buying an additional 209 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its stake in shares of Old Dominion Freight Line by 6.4% during the second quarter. Resona Asset Management Co. Ltd. now owns 71,138 shares of the transportation company’s stock valued at $11,560,000 after buying an additional 4,256 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.