Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Receives Consensus Recommendation of “Hold” from Brokerages

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has earned an average recommendation of “Hold” from the twenty-five brokerages that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $226.5455.

ODFL has been the topic of a number of research analyst reports. Wall Street Zen downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings cut Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Raymond James Financial reissued an “outperform” rating and set a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Rothschild & Co Redburn lowered their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research report on Tuesday, May 12th. Finally, Susquehanna increased their price objective on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were 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 directly owned 22,746 shares of the company’s stock, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ODFL. Principia Wealth Advisory LLC grew its stake in shares of Old Dominion Freight Line by 2,395.2% in the 2nd quarter. Principia Wealth Advisory LLC now owns 524 shares of the transportation company’s stock worth $113,000 after purchasing an additional 503 shares during the last quarter. Amundi boosted its holdings in Old Dominion Freight Line by 0.9% during the second quarter. Amundi now owns 668,260 shares of the transportation company’s stock worth $144,745,000 after buying an additional 5,857 shares in the last quarter. Kingsbury Capital Investment Advisors LLC boosted its stake in shares of Old Dominion Freight Line by 54.2% during the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 1,704 shares of the transportation company’s stock worth $369,000 after acquiring an additional 599 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Old Dominion Freight Line during the 2nd quarter worth about $42,410,000. Finally, California State Teachers Retirement System lifted its position in shares of Old Dominion Freight Line by 21,008.4% in the 2nd quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock valued at $13,833,194,000 after acquiring an additional 63,562,602 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

ODFL opened at $187.01 on Friday. The company has a 50-day moving average of $216.57 and a 200-day moving average of $210.60. The company has a market capitalization of $38.78 billion, a P/E ratio of 36.03, a PEG ratio of 3.47 and a beta of 1.16. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.27 earnings per share. As a group, sell-side analysts expect that Old Dominion Freight Line will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is currently 22.35%.

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.