Old Dominion Freight Line (NASDAQ:ODFL) Price Target Lowered to $206.00 at Bank of America

Old Dominion Freight Line (NASDAQ:ODFL) had its target price lowered by Bank of America from $210.00 to $206.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a neutral rating on the transportation company’s stock.

Several other equities research analysts have also commented on the stock. Morgan Stanley cut their price target on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an equal weight rating on the stock in a research note on Monday, July 8th. Evercore ISI reissued an in-line rating and issued a $196.00 target price (down from $225.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 25th. JPMorgan Chase & Co. lifted their price target on Old Dominion Freight Line from $176.00 to $193.00 and gave the stock a neutral rating in a research report on Thursday, July 25th. Benchmark reissued a hold rating on shares of Old Dominion Freight Line in a report on Thursday, September 5th. Finally, Raymond James lifted their target price on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the company an outperform rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $201.00.

Old Dominion Freight Line Trading Up 2.7 %

ODFL opened at $189.78 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. Old Dominion Freight Line has a one year low of $165.49 and a one year high of $227.80. The company has a market cap of $41.24 billion, a P/E ratio of 33.41, a PEG ratio of 3.83 and a beta of 0.99. The business’s 50-day simple moving average is $194.31 and its 200-day simple moving average is $197.16.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.45 by $0.03. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.33 earnings per share. As a group, equities research analysts expect that Old Dominion Freight Line will post 5.65 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.55%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.31%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the sale, the chairman now owns 1,391,621 shares in the company, valued at $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently added to or reduced their stakes in ODFL. Vanguard Group Inc. grew its position in shares of Old Dominion Freight Line by 100.9% in the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after purchasing an additional 10,944,520 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Old Dominion Freight Line by 117.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after buying an additional 7,401,526 shares in the last quarter. Capital Research Global Investors increased its position in Old Dominion Freight Line by 59.0% during the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after buying an additional 2,447,121 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Old Dominion Freight Line by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock worth $1,096,849,000 after acquiring an additional 270,538 shares during the last quarter. Finally, Capital World Investors lifted its position in shares of Old Dominion Freight Line by 101.0% in the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after acquiring an additional 1,228,116 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.