Shares of Old Dominion Freight Line (NASDAQ:ODFL) dropped 5.5% on Tuesday . The stock traded as low as $126.84 and last traded at $126.95. Approximately 651,574 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 624,778 shares. The stock had previously closed at $134.31.

ODFL has been the subject of several analyst reports. Morgan Stanley lifted their price objective on shares of Old Dominion Freight Line from $158.00 to $160.00 and gave the stock a “buy” rating in a research note on Tuesday, October 9th. BidaskClub cut shares of Old Dominion Freight Line from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 18th. ValuEngine upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. Argus dropped their target price on shares of Old Dominion Freight Line from $175.00 to $145.00 and set a “buy” rating for the company in a research report on Monday, October 29th. Finally, Bank of America upgraded shares of Old Dominion Freight Line from an “underperform” rating to a “buy” rating and set a $139.00 target price for the company in a research report on Tuesday, October 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $146.25.

The stock has a market cap of $10.98 billion, a P/E ratio of 29.38, a P/E/G ratio of 0.75 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.92 and a current ratio of 1.92.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Thursday, October 25th. The transportation company reported $2.12 EPS for the quarter, beating the consensus estimate of $1.97 by $0.15. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Old Dominion Freight Line had a net margin of 16.47% and a return on equity of 22.13%. On average, equities research analysts forecast that Old Dominion Freight Line will post 7.19 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Wednesday, December 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 11.93%.

Several institutional investors have recently made changes to their positions in ODFL. Capital International Investors bought a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $419,457,000. MERIAN GLOBAL INVESTORS UK Ltd grew its holdings in shares of Old Dominion Freight Line by 5,010.3% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 254,850 shares of the transportation company’s stock valued at $41,097,000 after purchasing an additional 249,863 shares during the last quarter. Morgan Stanley grew its holdings in shares of Old Dominion Freight Line by 107.1% during the 2nd quarter. Morgan Stanley now owns 473,609 shares of the transportation company’s stock valued at $70,549,000 after purchasing an additional 244,948 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of Old Dominion Freight Line by 132.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 286,730 shares of the transportation company’s stock valued at $44,717,000 after purchasing an additional 163,258 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Old Dominion Freight Line by 24.6% during the 2nd quarter. Wells Fargo & Company MN now owns 734,540 shares of the transportation company’s stock valued at $109,417,000 after purchasing an additional 145,041 shares during the last quarter. 73.15% of the stock is currently owned by institutional investors.

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About Old Dominion Freight Line (NASDAQ:ODFL)

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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