Old Dominion Freight Line (NASDAQ:ODFL) Sets New 52-Week High – Time to Buy?

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $208.95 and last traded at $205.3060, with a volume of 807035 shares. The stock had previously closed at $203.05.

Analyst Upgrades and Downgrades

ODFL has been the subject of several recent analyst reports. Bank of America set a $165.00 price target on Old Dominion Freight Line in a report on Thursday, December 18th. Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price objective on the stock in a research report on Thursday, February 12th. JPMorgan Chase & Co. lifted their price objective on Old Dominion Freight Line from $150.00 to $168.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. The Goldman Sachs Group reissued a “buy” rating and set a $195.00 price target on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $209.00 price objective (up from $190.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $189.88.

Old Dominion Freight Line Stock Performance

The business’s 50 day moving average price is $179.12 and its 200-day moving average price is $156.13. The firm has a market cap of $43.32 billion, a price-to-earnings ratio of 43.10, a price-to-earnings-growth ratio of 10.13 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the business posted $1.23 EPS. Old Dominion Freight Line’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be given a $0.29 dividend. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is 23.19%.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the transaction, the director owned 11,278 shares in the company, valued at $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock valued at $15,640,132 in the last ninety days. Company insiders own 10.00% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

A number of hedge funds have recently modified their holdings of the business. Financial Gravity Companies Inc. purchased a new stake in shares of Old Dominion Freight Line in the second quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after buying an additional 123 shares during the last quarter. Westside Investment Management Inc. grew its position in Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after acquiring an additional 98 shares in the last quarter. DT Investment Partners LLC lifted its stake in shares of Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. Finally, Raiffeisen Bank International AG bought a new position in Old Dominion Freight Line during the third quarter valued at about $37,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

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.