Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $250.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective upped by Truist Financial from $225.00 to $250.00 in a research report released on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the transportation company’s stock.

Several other research firms have also weighed in on ODFL. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. BMO Capital Markets restated an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Susquehanna raised their price target on Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a research report on Tuesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Friday, July 10th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $235.00 price objective (up from $209.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 23rd. Ten equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $222.00.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $233.84 on Wednesday. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $252.03. The company has a market capitalization of $48.63 billion, a PE ratio of 48.92, a PEG ratio of 4.29 and a beta of 1.18. The company has a 50 day moving average price of $221.78 and a two-hundred day moving average price of $202.17.

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

Old Dominion Freight Line Announces Dividend

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

Insider Activity

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line 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 sale, the director owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 10.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC lifted its stake in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares in the last quarter. Reflection Asset Management bought a new position in shares of Old Dominion Freight Line during the 4th quarter worth approximately $28,000. Evolution Wealth Management Inc. bought a new stake in shares of Old Dominion Freight Line in the first quarter worth $29,000. DT Investment Partners LLC lifted its position in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Old Dominion Freight Line during the first quarter worth $39,000. 77.82% of the stock is currently owned by 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.