Old Dominion Freight Line (NASDAQ:ODFL) Stock Rating Reaffirmed by Bank of America

by · The Markets Daily

Bank of America restated their neutral rating on shares of Old Dominion Freight Line (NASDAQ:ODFL – Free Report) in a research note released on Wednesday morning, Marketbeat.com reports. Bank of America currently has a $446.00 price objective on the transportation company’s stock, up from their previous price objective of $443.00.

ODFL has been the topic of several other reports. Deutsche Bank Aktiengesellschaft cut Old Dominion Freight Line from a buy rating to a hold rating and lowered their target price for the company from $475.00 to $386.00 in a research report on Monday, November 27th. Raymond James lowered their target price on Old Dominion Freight Line from $425.00 to $415.00 and set an outperform rating on the stock in a research report on Monday, December 11th. The Goldman Sachs Group raised their target price on Old Dominion Freight Line from $400.00 to $444.00 and gave the company a neutral rating in a research report on Thursday, February 8th. Stifel Nicolaus lifted their price target on Old Dominion Freight Line from $416.00 to $434.00 and gave the company a buy rating in a research report on Wednesday, January 10th. Finally, Susquehanna lifted their price target on Old Dominion Freight Line from $465.00 to $515.00 and gave the company a positive rating in a research report on Thursday, February 8th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $420.40.

Check Out Our Latest Stock Analysis on ODFL

Old Dominion Freight Line Trading Down 3.3 %

Shares of NASDAQ ODFL opened at $428.29 on Wednesday. The company has a market cap of $46.62 billion, a price-to-earnings ratio of 38.04, a price-to-earnings-growth ratio of 3.05 and a beta of 1.03. Old Dominion Freight Line has a 12-month low of $295.80 and a 12-month high of $452.34. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.01. The stock’s 50 day simple moving average is $412.21 and its 200 day simple moving average is $405.96.

Old Dominion Freight Line shares are going to split before the market opens on Thursday, March 28th. The 2-1 split was announced on Friday, February 16th. The newly minted shares will be payable to shareholders after the closing bell on Wednesday, March 27th.

Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its earnings results on Wednesday, January 31st. The transportation company reported $2.94 EPS for the quarter, beating the consensus estimate of $2.86 by $0.08. Old Dominion Freight Line had a return on equity of 31.18% and a net margin of 21.13%. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period last year, the firm earned $2.92 EPS. The firm’s revenue was up .3% compared to the same quarter last year. Equities research analysts expect that Old Dominion Freight Line will post 12.81 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.49%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, March 5th. Old Dominion Freight Line’s payout ratio is presently 18.47%.

Insider Activity

In other Old Dominion Freight Line news, Director John D. Kasarda sold 7,972 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $442.15, for a total transaction of $3,524,819.80. Following the transaction, the director now owns 6,770 shares of the company’s stock, valued at approximately $2,993,355.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of large investors have recently made changes to their positions in ODFL. Fortitude Family Office LLC acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $27,000. Trust Co. of Vermont acquired a new position in Old Dominion Freight Line in the fourth quarter worth approximately $27,000. Raleigh Capital Management Inc. acquired a new position in Old Dominion Freight Line in the fourth quarter worth approximately $29,000. Headinvest LLC acquired a new position in Old Dominion Freight Line in the third quarter worth approximately $30,000. Finally, Sound Income Strategies LLC acquired a new position in Old Dominion Freight Line in the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 72.14% of the company’s stock.

About Old Dominion Freight Line

(Get Free Report)

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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