Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down to $220.48

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $220.48, but opened at $212.32. Old Dominion Freight Line shares last traded at $213.23, with a volume of 414,383 shares.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ODFL. Raymond James increased their price objective on Old Dominion Freight Line from $207.50 to $233.00 and gave the company an "outperform" rating in a research report on Monday. Bank of America reissued a "neutral" rating and set a $223.00 price target (up from $221.50) on shares of Old Dominion Freight Line in a research note on Wednesday, March 6th. JPMorgan Chase & Co. reduced their target price on shares of Old Dominion Freight Line from $233.00 to $231.00 and set a "neutral" rating on the stock in a report on Tuesday, April 9th. Stifel Nicolaus boosted their price target on shares of Old Dominion Freight Line from $208.00 to $217.00 and gave the stock a "buy" rating in a research note on Wednesday, January 10th. Finally, Barclays cut their price target on shares of Old Dominion Freight Line to $210.00 and set an "equal weight" rating for the company in a research report on Thursday, April 4th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $214.19.

Old Dominion Freight Line Trading Down 4.4 %

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 company has a market cap of $45.89 billion, a PE ratio of 37.39, a PEG ratio of 3.16 and a beta of 1.02. The stock has a 50 day moving average price of $221.78 and a 200 day moving average price of $206.41.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, January 31st. The transportation company reported $1.47 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.04. 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 in the previous year, the firm posted $1.46 EPS. The business's revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 6.35 EPS for the current fiscal year.

Old Dominion Freight Line Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Old Dominion Freight Line's dividend payout ratio is currently 18.47%.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director John D. Kasarda sold 15,944 shares of Old Dominion Freight Line stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total value of $3,524,819.80. Following the completion of the sale, the director now owns 13,540 shares of the company's stock, valued at approximately $2,993,355.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC bought a new position in shares of Old Dominion Freight Line during the 4th quarter valued at $27,000. Trust Co. of Vermont bought a new position in Old Dominion Freight Line in the fourth quarter valued at about $27,000. Raleigh Capital Management Inc. bought a new position in Old Dominion Freight Line in the fourth quarter valued at about $29,000. Headinvest LLC purchased a new position in Old Dominion Freight Line in the third quarter worth about $30,000. Finally, Sound Income Strategies LLC bought a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at about $34,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

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