Old Dominion Freight Line (NASDAQ:ODFL) Shares Down 5.9% – Here’s Why

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) were down 5.9% during trading on Friday . The stock traded as low as $176.03 and last traded at $176.64. Approximately 1,233,606 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 1,525,193 shares. The stock had previously closed at $187.74.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ODFL. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. TD Cowen decreased their price target on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a research note on Thursday, October 24th. Susquehanna dropped their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. Wells Fargo & Company decreased their target price on Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating on the stock in a research report on Thursday, October 24th. Finally, Evercore ISI dropped their target price on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and an average target price of $204.00.

Old Dominion Freight Line Price Performance

The stock has a market cap of $39.20 billion, a P/E ratio of 32.10, a price-to-earnings-growth ratio of 4.21 and a beta of 1.00. The business has a 50-day simple moving average of $209.29 and a 200 day simple moving average of $196.52. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.42 by $0.01. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.54 earnings per share. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.42 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were given a dividend of $0.26 per share. The ex-dividend date was Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.57%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.18%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the sale, the director now directly owns 7,383 shares in the company, valued at approximately $1,664,423.52. This trade represents a 28.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now owns 97,890 shares in the company, valued at $19,584,852.30. This represents a 6.67 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

Several large investors have recently made changes to their positions in the company. Benjamin Edwards Inc. bought a new position in Old Dominion Freight Line in the second quarter worth approximately $25,000. LRI Investments LLC lifted its holdings in shares of Old Dominion Freight Line by 73.1% in the 2nd quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock worth $33,000 after purchasing an additional 79 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in Old Dominion Freight Line by 472.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company’s stock valued at $40,000 after purchasing an additional 189 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in Old Dominion Freight Line during the 3rd quarter valued at $45,000. Finally, Brown Brothers Harriman & Co. raised its holdings in Old Dominion Freight Line by 398.1% during the third quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock worth $53,000 after buying an additional 215 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

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.