Old Dominion Freight Line (NASDAQ:ODFL) Cut to Hold at Argus

Argus cut shares of Old Dominion Freight Line (NASDAQ:ODFL) from a buy rating to a hold rating in a report released on Tuesday, MarketBeat reports.

A number of other brokerages have also commented on ODFL. Stifel Nicolaus lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and reduced their price target for the stock from $209.00 to $197.00 in a research note on Monday, October 21st. 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 on the stock in a report on Thursday, October 3rd. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Barclays cut their price objective on Old Dominion Freight Line from $195.00 to $190.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Finally, TD Cowen lowered their target price on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $200.00.

Old Dominion Freight Line Stock Down 2.8 %

ODFL stock traded down $6.18 during midday trading on Tuesday, hitting $217.25. The company’s stock had a trading volume of 407,479 shares, compared to its average volume of 1,544,713. The firm’s 50-day moving average is $200.71 and its 200-day moving average is $191.02. 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 has a 12 month low of $165.49 and a 12 month high of $233.26. The company has a market cap of $46.38 billion, a PE ratio of 39.06, a P/E/G ratio of 6.36 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the firm posted $1.54 earnings per share. Old Dominion Freight Line’s revenue was down 3.0% compared to the same quarter last year. On average, equities research analysts forecast that Old Dominion Freight Line will post 5.46 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.48%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.18%.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares in the company, valued at $282,146,307.30. The trade was a 2.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total transaction of $676,320.00. Following the completion of the transaction, the director now directly owns 7,383 shares of the company’s stock, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,975 shares of company stock valued at $10,062,478 in the last quarter. 9.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC raised its holdings in Old Dominion Freight Line by 2.3% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 4,468 shares of the transportation company’s stock valued at $887,000 after buying an additional 101 shares during the period. Investment Management Corp of Ontario lifted its holdings in shares of Old Dominion Freight Line by 50.8% in the 3rd quarter. Investment Management Corp of Ontario now owns 6,532 shares of the transportation company’s stock worth $1,298,000 after acquiring an additional 2,200 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Old Dominion Freight Line by 4.2% during the 3rd quarter. Janus Henderson Group PLC now owns 22,671 shares of the transportation company’s stock worth $4,505,000 after purchasing an additional 917 shares during the period. Hilltop Holdings Inc. bought a new position in Old Dominion Freight Line during the 3rd quarter valued at about $458,000. Finally, Chevy Chase Trust Holdings LLC raised its position in Old Dominion Freight Line by 4.7% in the 3rd quarter. Chevy Chase Trust Holdings LLC now owns 103,605 shares of the transportation company’s stock worth $20,580,000 after purchasing an additional 4,695 shares during the period. Hedge funds and other institutional investors own 77.82% 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.