Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Stock Has Consensus Target Price of $227.65

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) have earned an average rating of “Hold” from the twenty-six brokerages that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $227.65.

Several brokerages have commented on ODFL. JPMorgan Chase & Co. boosted their price target on shares of Old Dominion Freight Line from $234.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Argus raised their price objective on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Citigroup raised Old Dominion Freight Line from a “neutral” rating to a “buy” rating and lowered their target price for the company from $231.00 to $223.00 in a research report on Tuesday, September 8th. Jefferies Financial Group reiterated a “hold” rating and set a $227.00 target price (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $230.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, June 4th.

Old Dominion Freight Line Stock Down 1.6%

NASDAQ ODFL opened at $174.93 on Tuesday. The firm’s 50 day moving average is $202.37 and its 200-day moving average is $208.42. The company has a market capitalization of $36.27 billion, a PE ratio of 33.71, a price-to-earnings-growth ratio of 2.97 and a beta of 1.16. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.27 earnings per share. As a group, sell-side analysts expect that Old Dominion Freight Line will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line’s payout ratio is 22.35%.

Insider Activity

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value 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. This represents a 46.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of institutional investors have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc bought a new stake in Old Dominion Freight Line during the second quarter worth $25,000. Solstein Capital LLC acquired a new stake in Old Dominion Freight Line in the 2nd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the period. Reflection Asset Management bought a new position in Old Dominion Freight Line during the fourth quarter worth about $28,000. Finally, Evolution Wealth Management Inc. acquired a new position in Old Dominion Freight Line during the first quarter worth approximately $29,000. 77.82% of the stock is currently 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 less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

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