JPMorgan Chase & Co. Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $232.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price target lowered by JPMorgan Chase & Co. from $250.00 to $232.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the transportation company’s stock.

Several other research analysts also recently weighed in on ODFL. Argus boosted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Sanford C. Bernstein started coverage on Old Dominion Freight Line in a research note on Thursday, September 10th. They issued a “market perform” rating and a $200.00 price target for the company. Morgan Stanley reissued an “equal weight” rating and issued a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. The Goldman Sachs Group restated a “buy” rating and set a $244.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Finally, Bank of America cut their price objective on shares of Old Dominion Freight Line from $240.00 to $205.00 in a report on Friday, September 4th. Ten research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $224.91.

Old Dominion Freight Line Trading Down 1.4%

NASDAQ ODFL opened at $175.61 on Monday. The firm’s fifty day simple moving average is $192.78 and its two-hundred day simple moving average is $207.88. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $252.03. The firm has a market capitalization of $36.41 billion, a P/E ratio of 33.84, a P/E/G ratio of 2.98 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the firm posted $1.27 earnings per share. The business’s quarterly revenue was up 10.4% on a year-over-year basis. As a group, sell-side analysts predict that Old Dominion Freight Line will post 5.79 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were paid a $0.29 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.35%.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Bell Investment Advisors Inc acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth about $25,000. Solstein Capital LLC acquired a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $26,000. EFG International AG purchased a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $29,000. Transamerica Financial Advisors LLC purchased a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $30,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its stake in Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.