Jefferies Financial Group Issues Positive Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its target price hoisted by Jefferies Financial Group from $210.00 to $230.00 in a report issued on Wednesday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the transportation company’s stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $165.00 to $200.00 in a report on Tuesday, April 7th. Evercore raised their price target on Old Dominion Freight Line from $200.00 to $201.00 in a report on Friday, March 27th. UBS Group reaffirmed a “neutral” rating and set a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Argus raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target for the company in a report on Thursday, February 12th. Finally, Truist Financial set a $225.00 price target on Old Dominion Freight Line in a report on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $196.33.

Old Dominion Freight Line Price Performance

ODFL stock opened at $219.98 on Wednesday. The business has a fifty day moving average price of $197.94 and a 200 day moving average price of $169.86. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $227.08. The stock has a market capitalization of $45.82 billion, a price-to-earnings ratio of 45.54, a P/E/G ratio of 4.70 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results 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. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the firm posted $1.23 EPS. The business’s revenue was down 5.7% on a year-over-year basis. On average, equities analysts expect that Old Dominion Freight Line will post 5.13 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is 24.02%.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction 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 in the company, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the 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 completion of the transaction, the insider owned 2,162,113 shares in the company, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 80,134 shares of company stock worth $15,640,132. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of 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 purchasing an additional 622,275 shares during the last quarter. Truist Financial Corp boosted its position in shares of Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after purchasing an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. bought a new position in shares of Old Dominion Freight Line in the 3rd quarter worth $4,307,000. Atlantic Union Bankshares Corp bought a new position in Old Dominion Freight Line during the third quarter worth about $1,999,000. Finally, Citigroup Inc. grew its stake in Old Dominion Freight Line by 46.4% in 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 during the period. 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.