Old Dominion Freight Line (NASDAQ:ODFL) Issues Quarterly Earnings Results

Old Dominion Freight Line (NASDAQ:ODFL) announced its earnings results on Wednesday. The transportation company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.01, reports. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock traded down $8.13 during trading hours on Friday, reaching $188.53. The company’s stock had a trading volume of 607,628 shares, compared to its average volume of 1,378,487. The stock has a market cap of $41.04 billion, a P/E ratio of 34.62, a P/E/G ratio of 2.80 and a beta of 1.02. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.29 and a quick ratio of 2.10. Old Dominion Freight Line has a one year low of $147.90 and a one year high of $227.80. The firm has a 50 day moving average price of $220.65 and a 200-day moving average price of $206.61.

Old Dominion Freight Line Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Tuesday, March 5th. Old Dominion Freight Line’s payout ratio is currently 18.31%.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director John D. Kasarda sold 15,944 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $221.08, for a total transaction of $3,524,819.80. Following the sale, the director now directly owns 13,540 shares of the company’s stock, valued at approximately $2,993,355.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.40% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC bought a new position in Old Dominion Freight Line in the 4th quarter valued at approximately $27,000. Trust Co. of Vermont purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $27,000. Raleigh Capital Management Inc. acquired a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $29,000. Headinvest LLC purchased a new stake in Old Dominion Freight Line during the third quarter worth approximately $30,000. Finally, Sound Income Strategies LLC acquired a new stake in Old Dominion Freight Line in the fourth quarter valued at $34,000. 77.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ODFL. Bank of America reduced their price target on shares of Old Dominion Freight Line from $223.00 to $205.00 and set a “neutral” rating on the stock in a report on Thursday. JPMorgan Chase & Co. lowered their target price on Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating for the company in a research note on Thursday. UBS Group upped their price objective on shares of Old Dominion Freight Line from $202.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday. TD Cowen dropped their price objective on Old Dominion Freight Line from $209.00 to $206.00 and set a “hold” rating on the stock in a research note on Friday. Finally, Barclays reduced their price target on Old Dominion Freight Line from $210.00 to $205.00 and set an “equal weight” rating for the company in a research report on Thursday. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $210.97.

Old Dominion Freight Line Company Profile

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.