Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down to $220.48

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) shares gapped down before the market opened on Wednesday . The stock had previously closed at $220.48, but opened at $212.32. Old Dominion Freight Line shares last traded at $213.23, with a volume of 414,383 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ODFL shares. Barclays reduced their price objective on shares of Old Dominion Freight Line to $210.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 4th. Bank of America restated a “neutral” rating and set a $223.00 target price (up previously from $221.50) on shares of Old Dominion Freight Line in a report on Wednesday, March 6th. Stifel Nicolaus upped their price target on Old Dominion Freight Line from $208.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, January 10th. The Goldman Sachs Group lifted their price objective on shares of Old Dominion Freight Line from $200.00 to $222.00 and gave the stock a “neutral” rating in a research note on Thursday, February 8th. Finally, Susquehanna upped their target price on shares of Old Dominion Freight Line from $232.50 to $257.50 and gave the company a “positive” rating in a research note on Thursday, February 8th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus target price of $214.19.

Old Dominion Freight Line Stock Performance

The stock has a market cap of $45.59 billion, a price-to-earnings ratio of 37.39, a P/E/G ratio of 3.16 and a beta of 1.02. The company’s fifty day simple moving average is $221.78 and its two-hundred day simple moving average is $206.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.10 and a quick ratio of 2.10.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, January 31st. The transportation company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.04. Old Dominion Freight Line had a return on equity of 31.18% and a net margin of 21.13%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the company earned $1.46 earnings per share. The company’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 6.35 earnings per share for the current year.

Old Dominion Freight Line Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Tuesday, March 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.47%.

Insiders Place Their Bets

In other news, Director John D. Kasarda sold 15,944 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total value of $3,524,819.80. Following the transaction, the director now owns 13,540 shares in the company, valued at approximately $2,993,355.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors have recently added to or reduced their stakes in ODFL. Norges Bank purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter worth approximately $495,387,000. International Assets Investment Management LLC increased its position in Old Dominion Freight Line by 39,016.7% in the fourth quarter. International Assets Investment Management LLC now owns 705,274 shares of the transportation company’s stock worth $285,869,000 after buying an additional 703,471 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Old Dominion Freight Line by 117.6% in the second quarter. Goldman Sachs Group Inc. now owns 761,387 shares of the transportation company’s stock valued at $195,129,000 after buying an additional 411,516 shares during the period. Barclays PLC raised its stake in shares of Old Dominion Freight Line by 118.5% in the fourth quarter. Barclays PLC now owns 546,680 shares of the transportation company’s stock valued at $221,584,000 after buying an additional 296,476 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Old Dominion Freight Line by 39,577.3% during the 1st quarter. Renaissance Technologies LLC now owns 277,741 shares of the transportation company’s stock valued at $82,956,000 after buying an additional 277,041 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.