Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $183.00 at JPMorgan Chase & Co.

Old Dominion Freight Line (NASDAQ:ODFL) had its price target boosted by JPMorgan Chase & Co. from $182.00 to $183.00 in a research report report published on Tuesday morning,MarketScreener reports. They currently have a neutral rating on the transportation company’s stock.

Several other equities research analysts also recently weighed in on ODFL. Evercore boosted their target price on shares of Old Dominion Freight Line from $200.00 to $201.00 in a research report on Friday, March 27th. Rothschild & Co Redburn upped their price target on Old Dominion Freight Line from $114.00 to $176.00 and gave the company a “sell” rating in a research report on Friday, February 6th. Morgan Stanley upped their price target on Old Dominion Freight Line from $209.00 to $215.00 and gave the company an “overweight” rating in a research report on Monday. Bank of America set a $165.00 price target on Old Dominion Freight Line in a research report on Thursday, December 18th. Finally, TD Cowen upped their price target on Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $192.88.

Old Dominion Freight Line Stock Performance

ODFL opened at $198.93 on Tuesday. The company has a 50-day moving average of $192.84 and a 200-day moving average of $164.40. The company has a market capitalization of $41.46 billion, a P/E ratio of 41.19, a PEG ratio of 4.18 and a beta of 1.20. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $221.63.

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, topping the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.23 EPS. As a group, sell-side analysts expect that Old Dominion Freight Line will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. 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, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was 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 directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the transaction, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,134 shares of company stock valued at $15,640,132 in the last quarter. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in 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 buying an additional 494,674 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position 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 worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the last quarter. State Street Corp increased its stake in shares of Old Dominion Freight Line by 0.9% in the fourth 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 during the period. CIBC Private Wealth Group LLC increased its stake in shares of Old Dominion Freight Line by 21.6% in the third 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 period. Finally, Boston Partners increased its stake in shares of Old Dominion Freight Line by 98.4% in the fourth 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 period. 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.