Wall Street Zen downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL – Free Report) from a buy rating to a hold rating in a research note published on Saturday.
Several other equities analysts also recently weighed in on ODFL. Jefferies Financial Group reaffirmed a “hold” rating and issued a $227.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Argus upped their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. UBS Group restated a “neutral” rating and issued a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Citigroup restated a “neutral” rating and issued a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Finally, Rothschild & Co Redburn cut their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $226.55.
Get Our Latest Stock Analysis on ODFL
Old Dominion Freight Line Trading Down 0.7%
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period last year, the firm earned $1.27 EPS. On average, sell-side analysts forecast that Old Dominion Freight Line will post 5.78 EPS for the current fiscal year.
Old Dominion Freight Line Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.
Insider Buying and Selling
In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 8.20% of the company’s stock.
Institutional Trading of Old Dominion Freight Line
Several institutional investors and hedge funds have recently made changes to their positions in ODFL. California State Teachers Retirement System increased its position in Old Dominion Freight Line by 21,008.4% during the 2nd quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock worth $13,833,194,000 after purchasing an additional 63,562,602 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth about $3,416,007,000. Norges Bank purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $444,983,000. Bank of New York Mellon Corp acquired a new position in shares of Old Dominion Freight Line in the second quarter valued at approximately $543,289,000. Finally, Boston Partners purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. 77.82% of the stock is currently owned by hedge funds and other 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.
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