Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $203.00 at Bank of America

Old Dominion Freight Line (NASDAQ:ODFL) had its price target hoisted by Bank of America from $192.00 to $203.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a neutral rating on the transportation company’s stock.

ODFL has been the topic of a number of other reports. Baird R W upgraded shares of Old Dominion Freight Line from a hold rating to a strong-buy rating in a report on Wednesday, May 8th. Morgan Stanley reduced their price objective on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an equal weight rating on the stock in a report on Monday, July 8th. Robert W. Baird upgraded shares of Old Dominion Freight Line from a neutral rating to an outperform rating and set a $205.00 price objective on the stock in a report on Wednesday, May 8th. Wells Fargo & Company started coverage on shares of Old Dominion Freight Line in a report on Friday, June 7th. They issued an underweight rating and a $175.00 price objective on the stock. Finally, Barclays dropped their target price on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an equal weight rating on the stock in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $201.97.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $205.70 on Monday. The firm has a market cap of $44.70 billion, a PE ratio of 36.21, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00. Old Dominion Freight Line has a 52-week low of $165.49 and a 52-week high of $227.80. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $179.87 and its two-hundred day moving average is $198.72.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the business earned $1.33 EPS. The company’s revenue was up 6.1% on a year-over-year basis. On average, research analysts expect that Old Dominion Freight Line will post 5.9 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.51%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is currently 18.31%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Trust Co. of Vermont purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $27,000. Farmers & Merchants Investments Inc. boosted its holdings in shares of Old Dominion Freight Line by 100.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares in the last quarter. Atwood & Palmer Inc. boosted its holdings in shares of Old Dominion Freight Line by 3,700.0% in the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 148 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $29,000. Finally, Fortitude Family Office LLC boosted its holdings in shares of Old Dominion Freight Line by 103.0% in the first quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock valued at $29,000 after acquiring an additional 68 shares in the last quarter. 77.82% of the stock is 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.