Old Dominion Freight Line (NASDAQ:ODFL) Earns “Hold” Rating from Benchmark

Benchmark reissued their hold rating on shares of Old Dominion Freight Line (NASDAQ:ODFL) in a research note published on Wednesday, Benzinga reports.

Other analysts have also recently issued research reports about the company. TD Cowen cut their target price on Old Dominion Freight Line from $214.00 to $209.00 and set a hold rating for the company in a research report on Friday, September 6th. Bank of America cut their target price on Old Dominion Freight Line from $210.00 to $206.00 and set a neutral rating for the company in a research report on Friday, September 6th. Barclays cut their target price on Old Dominion Freight Line from $205.00 to $195.00 and set an equal weight rating for the company in a research report on Wednesday, June 12th. Raymond James increased their target price on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. Finally, BMO Capital Markets increased their target price on Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of Hold and a consensus price target of $201.00.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $192.61 on Wednesday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $195.01 and a two-hundred day simple moving average of $196.65. The stock has a market cap of $41.85 billion, a price-to-earnings ratio of 33.91, a PEG ratio of 3.92 and a beta of 0.99. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.33 earnings per share. On average, analysts expect that Old Dominion Freight Line will post 5.64 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.31%.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the transaction, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the transaction, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the transaction, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Large investors have recently bought and sold shares of the business. Trust Co. of Vermont purchased a new position in Old Dominion Freight Line during the 4th quarter valued at $27,000. Raleigh Capital Management Inc. purchased a new position in Old Dominion Freight Line during the 4th quarter valued at $29,000. Neo Ivy Capital Management bought a new stake in Old Dominion Freight Line during the 4th quarter valued at $40,000. Farmers & Merchants Investments Inc. raised its position in Old Dominion Freight Line by 100.0% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares in the last quarter. Finally, Fortitude Family Office LLC raised its position in Old Dominion Freight Line by 103.0% during the 1st quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock valued at $29,000 after purchasing an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.