Old Dominion Freight Line, Inc. Announces Quarterly Dividend of $0.26 (NASDAQ:ODFL)

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) declared a quarterly dividend on Thursday, October 17th, RTT News reports. Investors of record on Wednesday, December 4th will be paid a dividend of 0.26 per share by the transportation company on Wednesday, December 18th. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date is Wednesday, December 4th.

Old Dominion Freight Line has raised its dividend payment by an average of 38.4% per year over the last three years. Old Dominion Freight Line has a payout ratio of 16.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Old Dominion Freight Line to earn $6.39 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 16.3%.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $199.54 on Friday. The stock has a market capitalization of $43.36 billion, a PE ratio of 34.20, a price-to-earnings-growth ratio of 4.24 and a beta of 0.99. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $227.80. The stock’s 50-day moving average price is $195.53 and its 200-day moving average price is $191.55. 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 earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping 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 analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company earned $1.33 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, equities analysts expect that Old Dominion Freight Line will post 5.59 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ODFL shares. Morgan Stanley dropped their target price on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a report on Monday, July 8th. Wells Fargo & Company reduced their price objective on Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a research report on Thursday, September 5th. Robert W. Baird raised their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. TD Cowen dropped their price target on shares of Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating for the company in a research note on Friday, September 6th. Finally, The Goldman Sachs Group decreased their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $200.56.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction on 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 transaction, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

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.