Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $182.00 at JPMorgan Chase & Co.

Old Dominion Freight Line (NASDAQ:ODFL) had its target price lifted by JPMorgan Chase & Co. from $168.00 to $182.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

A number of other equities analysts also recently weighed in on the stock. Evercore boosted their target price on shares of Old Dominion Freight Line from $150.00 to $200.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Robert W. Baird downgraded shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $166.00 to $204.00 in a research report on Thursday, February 5th. BMO Capital Markets restated an “outperform” rating on shares of Old Dominion Freight Line in a research note on Thursday, February 19th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $216.00 target price (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Nine research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $191.08.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $195.02 on Tuesday. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $221.63. The company has a market cap of $40.65 billion, a P/E ratio of 40.38, a P/E/G ratio of 4.14 and a beta of 1.23. The stock’s 50-day simple moving average is $185.47 and its 200 day simple moving average is $158.68.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate 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 in the prior year, the firm posted $1.23 earnings per share. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. As a group, equities analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is 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 payout ratio is presently 24.02%.

Insider Activity at Old Dominion Freight Line

In related 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 transaction of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the sale, the chairman owned 712,800 shares of the company’s stock, valued at $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 80,134 shares of company stock worth $15,640,132. Insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Old Dominion Freight Line by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after acquiring an additional 494,674 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings 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. State Street Corp boosted its holdings in shares of 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 purchasing an additional 70,736 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of 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 purchasing an additional 776,004 shares during the last quarter. Finally, Boston Partners increased its stake in shares of 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 purchasing an additional 2,044,434 shares during the last quarter. Institutional investors and hedge funds 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.