Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $228.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective raised by Susquehanna from $224.00 to $228.00 in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have a neutral rating on the transportation company’s stock.

Several other analysts also recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Friday, July 10th. JPMorgan Chase & Co. upped their target price on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Stifel Nicolaus increased their target price on Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Wells Fargo & Company upgraded Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $235.00 to $250.00 in a report on Wednesday, July 8th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $235.00 price objective (up from $209.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 23rd. Ten research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $222.00.

Old Dominion Freight Line Stock Performance

ODFL opened at $237.15 on Tuesday. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $252.03. The firm has a 50 day moving average price of $221.07 and a 200 day moving average price of $201.95. The company has a market cap of $49.32 billion, a PE ratio of 49.61, a price-to-earnings-growth ratio of 4.07 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.19 EPS. On average, sell-side analysts predict that Old Dominion Freight Line will post 5.55 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.27%.

Insider Activity

In related news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ODFL. Norges Bank acquired a new stake in Old Dominion Freight Line during the 4th quarter valued at approximately $444,983,000. Boston Partners acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at approximately $292,599,000. Price T Rowe Associates Inc. MD raised its position in shares of 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 purchasing an additional 1,761,511 shares in the last quarter. Two Sigma Investments LP boosted its stake in shares of Old Dominion Freight Line by 637.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after buying an additional 1,362,697 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new position in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $188,651,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

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.