Old Dominion Freight Line (NASDAQ:ODFL) Given New $198.00 Price Target at The Goldman Sachs Group

Old Dominion Freight Line (NASDAQ:ODFL) had its target price upped by The Goldman Sachs Group from $195.00 to $198.00 in a research report sent to investors on Thursday,MarketScreener reports. They currently have a buy rating on the transportation company’s stock.

Several other equities analysts have also commented on ODFL. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday. Evercore upped their price target on shares of Old Dominion Freight Line from $200.00 to $201.00 in a research report on Friday, March 27th. Robert W. Baird lowered shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and upped their price target for the stock from $166.00 to $204.00 in a research report on Thursday, February 5th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $165.00 to $200.00 in a research report on Tuesday, April 7th. Finally, Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target for the company in a research report on Thursday, February 12th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $195.50.

Old Dominion Freight Line Price Performance

ODFL stock opened at $213.57 on Thursday. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $221.63. The firm has a fifty day moving average price of $195.98 and a two-hundred day moving average price of $167.42. The firm has a market cap of $44.51 billion, a price-to-earnings ratio of 44.22, a PEG ratio of 4.32 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released 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. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.23 earnings per share. As a group, analysts expect that Old Dominion Freight Line will post 5.68 EPS for the current fiscal 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 given a $0.29 dividend. The ex-dividend date was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is currently 24.02%.

Insider Activity at Old Dominion Freight Line

In related news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the transaction, the director owned 11,278 shares in the company, valued at $2,190,977.06. This represents a 21.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock worth $15,640,132 in the last 90 days. Corporate insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently bought and sold shares of ODFL. Vanguard Group Inc. lifted its holdings in Old Dominion Freight Line by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after acquiring an additional 494,674 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the last quarter. State Street Corp lifted its holdings in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after acquiring an additional 70,736 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after acquiring an additional 776,004 shares during the last quarter. Finally, Boston Partners lifted its holdings in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after acquiring an additional 2,044,434 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

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.