Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Given Average Rating of "Hold" by Analysts

Key Points

• Analyst consensus remains “Hold”: Of 25 analysts covering Old Dominion Freight Line, 13 recommend holding, nine recommend buying, two recommend selling and one issues a strong buy. The average 12-month price target is $226.55.
• Quarterly results exceeded expectations: The company reported adjusted EPS of $1.68 versus the $1.54 consensus estimate, while revenue rose 10.4% year over year to $1.55 billion.
• Shares opened at $200.06, with a market capitalization of approximately $41.48 billion. Old Dominion also declared a quarterly dividend of $0.29 per share, representing a 0.6% annualized yield.

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) have received an average recommendation of "Hold" from the twenty-five ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $226.5455.

Several research firms recently commented on ODFL. Truist Financial boosted their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the stock a "buy" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. boosted their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a research report on Monday, June 8th. Wall Street Zen raised shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Citigroup restated a "neutral" rating and set a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ODFL. California State Teachers Retirement System lifted its holdings in shares of Old Dominion Freight Line by 21,008.4% during the second quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company's stock valued at $13,833,194,000 after purchasing an additional 63,562,602 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Old Dominion Freight Line during the second quarter valued at approximately $3,416,007,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock valued at $2,230,318,000 after buying an additional 1,761,511 shares during the period. State Street Corp lifted its holdings in Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock valued at $1,214,618,000 after acquiring an additional 70,736 shares during the period. Finally, Boston Partners lifted its stake in shares of Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock worth $648,186,000 after purchasing an additional 2,044,434 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Up 0.3%

ODFL stock opened at $200.06 on Friday. The firm has a market capitalization of $41.48 billion, a PE ratio of 38.55, a PEG ratio of 3.46 and a beta of 1.18. Old Dominion Freight Line has a twelve month low of $126.01 and a twelve month high of $252.03. The stock has a 50-day simple moving average of $218.02 and a two-hundred day simple moving average of $210.60.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.27 earnings per share. On average, equities research analysts anticipate that Old Dominion Freight Line will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is presently 22.35%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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