Wells Fargo & Company Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective cut by Wells Fargo & Company from $195.00 to $185.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an underweight rating on the transportation company’s stock.

ODFL has been the subject of a number of other research reports. Argus downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. BMO Capital Markets decreased their price objective on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. The Goldman Sachs Group upped their target price on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Robert W. Baird reduced their price target on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Evercore ISI lowered their price target on 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. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $204.12.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $179.58 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market cap of $38.34 billion, a price-to-earnings ratio of 31.40, a price-to-earnings-growth ratio of 4.21 and a beta of 1.05. The firm’s fifty day moving average price is $203.37 and its 200 day moving average price is $197.24. Old Dominion Freight Line has a 1-year low of $165.49 and a 1-year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted $1.54 earnings per share. The business’s revenue was down 3.0% compared to the same quarter last year. On average, sell-side analysts expect that Old Dominion Freight Line will post 5.42 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.58%. The ex-dividend date was Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is 18.18%.

Insider Buying and Selling

In related news, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 7,383 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares of the company’s stock, valued at $19,584,852.30. This trade represents a 6.67 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Benjamin Edwards Inc. acquired a new stake in Old Dominion Freight Line during the second quarter worth about $25,000. Cullen Frost Bankers Inc. grew its holdings in shares of Old Dominion Freight Line by 472.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company’s stock worth $40,000 after purchasing an additional 189 shares during the period. RPg Family Wealth Advisory LLC acquired a new stake in Old Dominion Freight Line during the 3rd quarter worth approximately $45,000. Brown Brothers Harriman & Co. raised its holdings in Old Dominion Freight Line by 398.1% in the third quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock valued at $53,000 after buying an additional 215 shares during the period. Finally, Quarry LP acquired a new position in Old Dominion Freight Line during the second quarter valued at approximately $60,000. 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.