Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $210.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price target hoisted by Jefferies Financial Group from $195.00 to $210.00 in a report released on Tuesday,MarketScreener reports. The brokerage currently has a hold rating on the transportation company’s stock.

Several other research firms have also issued reports on ODFL. Citigroup restated a “neutral” rating and issued a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a research note on Friday, February 6th. Wells Fargo & Company raised their price target on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. Zacks Research upgraded shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Wolfe Research set a $138.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, January 8th. Finally, TD Cowen raised their target price on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $190.50.

Old Dominion Freight Line Trading Down 2.5%

NASDAQ ODFL opened at $210.68 on Tuesday. The firm has a market capitalization of $43.91 billion, a P/E ratio of 43.62, a price-to-earnings-growth ratio of 10.77 and a beta of 1.23. The firm’s fifty day moving average price is $183.31 and its two-hundred day moving average price is $157.72. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $221.63.

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

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is presently 24.02%.

Insiders Place Their Bets

In other 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 directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the sale, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 80,134 shares of company stock worth $15,640,132 in the last quarter. Corporate insiders own 10.00% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of ODFL. JPMorgan Chase & Co. boosted its stake in shares of Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares in the last quarter. Truist Financial Corp lifted its stake in Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after purchasing an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. acquired a new stake in Old Dominion Freight Line in the third quarter valued at approximately $4,307,000. Atlantic Union Bankshares Corp bought a new stake in shares of Old Dominion Freight Line during the third quarter worth $1,999,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Old Dominion Freight Line by 10.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,271 shares of the transportation company’s stock worth $11,441,000 after buying an additional 7,709 shares during the last quarter. 77.82% of the stock is currently owned by 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.