Old Dominion Freight Line (NASDAQ:ODFL) Shares Down 5% Following Analyst Downgrade

Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) traded down 5% during trading on Friday after TD Cowen lowered their price target on the stock from $209.00 to $206.00. TD Cowen currently has a hold rating on the stock. Old Dominion Freight Line traded as low as $181.30 and last traded at $186.92. 658,071 shares were traded during mid-day trading, a decline of 52% from the average session volume of 1,378,705 shares. The stock had previously closed at $196.66.

ODFL has been the topic of a number of other reports. The Goldman Sachs Group boosted their price target on Old Dominion Freight Line from $200.00 to $222.00 and gave the stock a "neutral" rating in a report on Thursday, February 8th. Evercore ISI lowered their price target on Old Dominion Freight Line from $241.00 to $225.00 and set an "outperform" rating on the stock in a report on Thursday. Barclays lowered their price target on Old Dominion Freight Line from $210.00 to $205.00 and set an "equal weight" rating on the stock in a report on Thursday. Susquehanna upped their price objective on Old Dominion Freight Line from $232.50 to $257.50 and gave the stock a "positive" rating in a report on Thursday, February 8th. Finally, Bank of America decreased their price objective on Old Dominion Freight Line from $223.00 to $205.00 and set a "neutral" rating on the stock in a report on Thursday. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and an average price target of $210.97.

Insider Activity

In other Old Dominion Freight Line news, Director John D. Kasarda sold 15,944 shares of the company's 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 transaction, the director now owns 13,540 shares of the company's stock, valued at approximately $2,993,355.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UMB Bank n.a. grew its holdings in Old Dominion Freight Line by 98.7% during the first quarter. UMB Bank n.a. now owns 449 shares of the transportation company's stock worth $98,000 after acquiring an additional 223 shares during the period. LifeSteps Financial Inc. purchased a new stake in Old Dominion Freight Line in the first quarter valued at $118,000. Yousif Capital Management LLC raised its position in Old Dominion Freight Line by 93.6% in the first quarter. Yousif Capital Management LLC now owns 27,472 shares of the transportation company's stock valued at $6,025,000 after purchasing an additional 13,284 shares during the period. SYSTM Wealth Solutions LLC raised its position in Old Dominion Freight Line by 261.7% in the first quarter. SYSTM Wealth Solutions LLC now owns 4,503 shares of the transportation company's stock valued at $988,000 after purchasing an additional 3,258 shares during the period. Finally, Verdence Capital Advisors LLC raised its position in Old Dominion Freight Line by 106.9% in the first quarter. Verdence Capital Advisors LLC now owns 3,700 shares of the transportation company's stock valued at $811,000 after purchasing an additional 1,912 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

The company has a quick ratio of 2.10, a current ratio of 2.29 and a debt-to-equity ratio of 0.01. The company has a market cap of $39.71 billion, a PE ratio of 32.12, a P/E/G ratio of 2.80 and a beta of 1.02. The stock has a 50-day simple moving average of $220.06 and a 200 day simple moving average of $206.41.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, April 24th. The transportation company reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.01. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.47 billion. Equities analysts expect that Old Dominion Freight Line, Inc. will post 6.35 EPS for the current year.

Old Dominion Freight Line Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.26 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.57%. Old Dominion Freight Line's payout ratio is presently 18.31%.

About Old Dominion Freight Line

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.