Old Dominion Freight Line (NASDAQ:ODFL) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Old Dominion Freight Line beat quarterly estimates, reporting earnings of $1.65 per share versus the $1.61 consensus, while revenue reached $1.59 billion, up 13.1% year over year.
• The stock fell 5.5% to $176.70 following the results. The company declared a quarterly dividend of $0.29 per share, equivalent to a 0.7% annual yield.
• Analysts maintain a consensus “Hold” rating, with an average price target of $223.48; 10 analysts rate the stock a Buy, 15 a Hold and one a Sell.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) announced its quarterly earnings data on Wednesday. The transportation company reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.04, Zacks reports. The company had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.57 billion. Old Dominion Freight Line's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm earned $1.28 earnings per share.

Old Dominion Freight Line Trading Down 5.5%

Shares of NASDAQ ODFL traded down $10.33 on Wednesday, reaching $176.70. 1,589,213 shares of the company traded hands, compared to its average volume of 1,982,955. The stock has a market capitalization of $36.64 billion, a PE ratio of 33.96 and a beta of 1.20. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The company has a 50 day moving average of $185.54 and a 200 day moving average of $201.46.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.7%. Old Dominion Freight Line's dividend payout ratio is currently 22.35%.

Insider Activity at Old Dominion Freight Line

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

Analyst Ratings Changes

A number of research analysts have weighed in on ODFL shares. Susquehanna cut their price objective on shares of Old Dominion Freight Line from $232.00 to $202.00 and set a "neutral" rating for the company in a report on Friday, October 2nd. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and increased their price objective for the stock from $235.00 to $250.00 in a research report on Wednesday, July 8th. JPMorgan Chase & Co. dropped their price objective on shares of Old Dominion Freight Line from $250.00 to $232.00 and set a "neutral" rating for the company in a report on Monday, October 5th. Bank of America dropped their price objective on shares of Old Dominion Freight Line from $240.00 to $205.00 in a research report on Friday, September 4th. Finally, Truist Financial set a $230.00 price objective on shares of Old Dominion Freight Line and gave the company a "buy" rating in a research note on Wednesday, October 7th. Ten research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $223.48.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company's services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.

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