Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Stock Has Average Target Price of $223.48

Key Points

• Analyst sentiment is broadly neutral: Twenty-six analysts give Old Dominion Freight Line an average “Hold” rating, with a consensus 12-month price target of $223.48 versus the reported share price of $187.72.
• Recent results exceeded expectations: The company reported quarterly EPS of $1.68, above the $1.54 consensus, while revenue rose 10.4% year over year to $1.55 billion.
• Institutional ownership is substantial: Institutional investors own 77.82% of ODFL, while insider ownership stands at 8.20%; a senior vice president recently sold nearly 20,000 shares for about $3.96 million.

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) have received an average recommendation of "Hold" from the twenty-six analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, fifteen have issued a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $223.48.

A number of brokerages have recently issued reports on ODFL. Stifel Nicolaus set a $230.00 price objective on Old Dominion Freight Line and gave the company a "buy" rating in a research note on Thursday, October 8th. Wall Street Zen raised Old Dominion Freight Line from a "hold" rating to a "buy" rating in a research note on Saturday. Weiss Ratings cut Old Dominion Freight Line from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Zacks Research cut Old Dominion Freight Line from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. Finally, Evercore restated an "outperform" rating and set a $243.00 price target (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th.

Insider Buying and Selling at Old Dominion Freight Line

In other 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 value of $3,958,277.28. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ODFL. BlackRock Inc. bought a new stake in Old Dominion Freight Line in the 2nd quarter worth $3,416,007,000. Bank of New York Mellon Corp purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth about $543,289,000. Legal & General Group Plc bought a new stake in shares of Old Dominion Freight Line in the second quarter worth about $253,155,000. Caisse de depot et placement du Quebec bought a new stake in shares of Old Dominion Freight Line in the second quarter worth about $190,557,000. Finally, Bank of America Corp DE bought a new stake in shares of Old Dominion Freight Line in the second quarter worth about $160,147,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $187.72 on Friday. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a fifty day moving average of $188.60 and a 200-day moving average of $207.59. The stock has a market capitalization of $38.93 billion, a price-to-earnings ratio of 36.17, a price-to-earnings-growth ratio of 3.12 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter last year, the company earned $1.27 EPS. The firm's revenue was up 10.4% compared to the same quarter last year. On average, equities research analysts forecast that Old Dominion Freight Line will post 5.86 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

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

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