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

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) have earned an average rating of “Hold” from the twenty-six brokerages that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $191.0833.

A number of brokerages have commented on ODFL. Barclays set a $185.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a report on Thursday, February 5th. Wells Fargo & Company lifted their target price on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a research report on Thursday, February 5th. Citigroup restated a “neutral” rating and set a $216.00 price target (up from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. Finally, Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th.

Old Dominion Freight Line Trading Up 0.7%

ODFL opened at $189.75 on Tuesday. The stock has a market capitalization of $39.55 billion, a P/E ratio of 39.29, a PEG ratio of 3.96 and a beta of 1.23. The stock has a 50-day moving average price of $189.99 and a 200-day moving average price of $162.07. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $221.63.

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

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were issued a dividend of $0.29 per share. The ex-dividend date was Wednesday, March 4th. This represents a $1.16 annualized dividend and a yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.02%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the transaction, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,134 shares of company stock worth $15,640,132 in the last ninety days. 10.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after buying an additional 622,275 shares during the period. Truist Financial Corp increased its stake in shares of Old Dominion Freight Line by 12.9% during the third quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after buying an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $4,307,000. Atlantic Union Bankshares Corp bought a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $1,999,000. Finally, Citigroup Inc. raised its holdings in shares of Old Dominion Freight Line by 46.4% during the third quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after acquiring an additional 329,895 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

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.