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

Key Points

• Analysts maintain a “Hold” consensus on Old Dominion Freight Line, with 13 hold, 10 buy, 2 sell and 1 strong-buy ratings. The average 12-month price target is $227.65, above the reported share price of $175.36.
• Old Dominion exceeded quarterly expectations, reporting $1.68 in EPS versus the $1.54 consensus and $1.55 billion in revenue, up 10.4% year over year.
• The company paid a quarterly dividend of $0.29 per share, equal to an annualized $1.16 and a 0.7% yield; institutional investors own approximately 77.8% of the stock.

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) have received a consensus rating of "Hold" from the twenty-six analysts that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $227.6522.

Several equities analysts have issued reports on ODFL shares. JPMorgan Chase & Co. upped their price target on shares of Old Dominion Freight Line from $234.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Sanford C. Bernstein began coverage on shares of Old Dominion Freight Line in a report on Thursday, September 10th. They set a "market perform" rating and a $200.00 price target on the stock. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and boosted their price objective for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Truist Financial increased their price objective on Old Dominion Freight Line from $225.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Finally, Wall Street Zen lowered Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Sunday.

Old Dominion Freight Line Stock Up 1.4%

Shares of ODFL opened at $175.36 on Tuesday. The stock has a market cap of $36.36 billion, a PE ratio of 33.79, a PEG ratio of 2.90 and a beta of 1.16. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $252.03. The business has a 50-day simple moving average of $205.59 and a two-hundred day simple moving average of $209.06.

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 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm posted $1.27 earnings per share. The business's revenue for the quarter was up 10.4% on a year-over-year basis. On average, equities research analysts expect that Old Dominion Freight Line will post 5.78 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is currently 22.35%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several large investors have recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in Old Dominion Freight Line by 249.8% in the second quarter. Tidal Investments LLC now owns 81,588 shares of the transportation company's stock valued at $17,672,000 after buying an additional 58,264 shares during the period. Engineers Gate Manager LP acquired a new stake in Old Dominion Freight Line during the second quarter worth approximately $970,000. Cidel Asset Management Inc. increased its holdings in Old Dominion Freight Line by 6.0% in the second quarter. Cidel Asset Management Inc. now owns 1,156 shares of the transportation company's stock worth $250,000 after purchasing an additional 65 shares in the last quarter. NorthRock Partners LLC increased its holdings in Old Dominion Freight Line by 3.2% in the second quarter. NorthRock Partners LLC now owns 2,227 shares of the transportation company's stock worth $482,000 after purchasing an additional 70 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Old Dominion Freight Line by 46.4% in the second quarter. NewEdge Advisors LLC now owns 8,631 shares of the transportation company's stock valued at $1,870,000 after buying an additional 2,736 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.

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