Old Dominion Freight Line (NASDAQ:ODFL) Price Target Cut to $209.00 by Analysts at TD Cowen

Old Dominion Freight Line (NASDAQ:ODFL) had its price target trimmed by TD Cowen from $214.00 to $209.00 in a research report report published on Friday morning, MarketBeat reports. The brokerage currently has a hold rating on the transportation company’s stock.

Other research analysts also recently issued research reports about the company. BMO Capital Markets increased their price target on Old Dominion Freight Line from $210.00 to $215.00 and gave the company an outperform rating in a report on Thursday, July 25th. JPMorgan Chase & Co. raised their price target on shares of 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. Stephens restated an overweight rating and issued a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday. Bank of America increased their price objective on shares of Old Dominion Freight Line from $192.00 to $203.00 and gave the company a neutral rating in a research note on Monday, July 22nd. Finally, Evercore ISI reissued an in-line rating and issued a $196.00 target price (down previously from $225.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $201.00.

Old Dominion Freight Line Stock Down 0.7 %

NASDAQ ODFL opened at $184.82 on Friday. The stock has a market cap of $40.16 billion, a PE ratio of 32.54, a P/E/G ratio of 3.76 and a beta of 1.00. The business has a 50 day moving average price of $194.08 and a two-hundred day moving average price of $197.55. Old Dominion Freight Line has a fifty-two week low of $165.49 and a fifty-two week high of $227.80. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results 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 21.38% and a return on equity of 30.33%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the business earned $1.33 EPS. The business’s revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts predict that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Insider Activity

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

Institutional Investors Weigh In On Old Dominion Freight Line

Institutional investors and hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC lifted its holdings in shares of Old Dominion Freight Line by 8.6% during the second quarter. Sequoia Financial Advisors LLC now owns 4,962 shares of the transportation company’s stock valued at $876,000 after purchasing an additional 395 shares during the last quarter. Chevy Chase Trust Holdings LLC raised its holdings in shares of Old Dominion Freight Line by 98.3% during the first quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company’s stock valued at $22,127,000 after acquiring an additional 50,019 shares during the period. Forsta AP Fonden lifted its position in shares of Old Dominion Freight Line by 65.0% in the 1st quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company’s stock valued at $8,685,000 after acquiring an additional 15,600 shares in the last quarter. Sei Investments Co. boosted its stake in Old Dominion Freight Line by 98.6% in the 1st quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock worth $9,471,000 after purchasing an additional 21,438 shares during the period. Finally, Diversified Trust Co boosted its stake in Old Dominion Freight Line by 162.9% in the 1st quarter. Diversified Trust Co now owns 7,350 shares of the transportation company’s stock worth $1,612,000 after purchasing an additional 4,554 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.