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

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $164.06 and last traded at $165.54, with a volume of 190329 shares changing hands. The stock had previously closed at $167.03.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ODFL shares. Citigroup reduced their target price on shares of Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. StockNews.com upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. Deutsche Bank Aktiengesellschaft began coverage on shares of Old Dominion Freight Line in a report on Friday, March 7th. They set a “buy” rating and a $236.00 target price for the company. Susquehanna restated a “neutral” rating and issued a $195.00 price target (down previously from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday, January 7th. Finally, The Goldman Sachs Group lifted their price objective on Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $201.74.

Old Dominion Freight Line Trading Down 0.3 %

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $35.41 billion, a PE ratio of 30.37, a P/E/G ratio of 2.89 and a beta of 1.10. The stock has a 50 day moving average price of $186.91 and a 200-day moving average price of $196.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.67%. The ex-dividend date is Wednesday, March 5th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s payout ratio is currently 18.98%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Whipplewood Advisors LLC purchased a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $35,000. Itau Unibanco Holding S.A. lifted its stake in shares of Old Dominion Freight Line by 518.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company’s stock valued at $40,000 after buying an additional 192 shares in the last quarter. Synergy Asset Management LLC purchased a new position in shares of Old Dominion Freight Line during the 4th quarter valued at $41,000. RPg Family Wealth Advisory LLC bought a new position in Old Dominion Freight Line in the 3rd quarter worth $45,000. Finally, Murphy & Mullick Capital Management Corp purchased a new stake in Old Dominion Freight Line in the 4th quarter worth $51,000. 77.82% of the stock is currently owned by institutional investors.

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.