Old Dominion Freight Line (NASDAQ:ODFL) Reaches New 12-Month Low – Here’s Why

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $126.57 and last traded at $127.51, with a volume of 1963579 shares trading hands. The stock had previously closed at $130.66.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ODFL shares. Stifel Nicolaus decreased their target price on Old Dominion Freight Line from $168.00 to $162.00 and set a “buy” rating on the stock in a research note on Tuesday, October 28th. TD Cowen cut their price target on shares of Old Dominion Freight Line from $159.00 to $154.00 in a research note on Thursday, October 30th. Stephens reduced their price target on shares of Old Dominion Freight Line from $162.00 to $156.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Vertical Research upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Thursday, July 31st. Finally, UBS Group increased their target price on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Eight analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $159.33.

Old Dominion Freight Line Stock Performance

The stock has a 50-day moving average price of $139.08 and a 200 day moving average price of $152.04. The company has a quick ratio of 1.38, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $26.66 billion, a price-to-earnings ratio of 25.66, a P/E/G ratio of 3.22 and a beta of 1.22.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm earned $1.43 earnings per share. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, December 3rd. Old Dominion Freight Line’s payout ratio is 22.54%.

Hedge Funds Weigh In On Old Dominion Freight Line

Large investors have recently bought and sold shares of the business. Avity Investment Management Inc. raised its stake in Old Dominion Freight Line by 267.6% in the third quarter. Avity Investment Management Inc. now owns 70,959 shares of the transportation company’s stock valued at $9,990,000 after buying an additional 51,655 shares in the last quarter. Danske Bank A S purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $11,515,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $55,000. Financial Engines Advisors L.L.C. raised its position in shares of Old Dominion Freight Line by 4.7% during the 3rd quarter. Financial Engines Advisors L.L.C. now owns 92,870 shares of the transportation company’s stock worth $13,074,000 after acquiring an additional 4,134 shares in the last quarter. Finally, Woodline Partners LP raised its position in shares of Old Dominion Freight Line by 26.4% during the 3rd quarter. Woodline Partners LP now owns 11,150 shares of the transportation company’s stock worth $1,570,000 after acquiring an additional 2,331 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.