Old Dominion Freight Line (NASDAQ:ODFL) Upgraded to "Hold" by Vertical Research

Vertical Research upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL - Free Report) from a sell rating to a hold rating in a report issued on Monday morning, Marketbeat Ratings reports. Vertical Research currently has $175.00 price target on the transportation company's stock.

ODFL has been the subject of a number of other research reports. Evercore ISI cut their target price on shares of Old Dominion Freight Line from $241.00 to $225.00 and set an outperform rating for the company in a research report on Thursday. Susquehanna increased their target price on Old Dominion Freight Line from $232.50 to $257.50 and gave the company a positive rating in a report on Thursday, February 8th. TD Cowen cut their price target on Old Dominion Freight Line from $209.00 to $206.00 and set a hold rating for the company in a report on Friday. JPMorgan Chase & Co. dropped their price objective on Old Dominion Freight Line from $231.00 to $219.00 and set a neutral rating for the company in a research report on Thursday. Finally, Bank of America reduced their price objective on shares of Old Dominion Freight Line from $223.00 to $205.00 and set a neutral rating on the stock in a research note on Thursday. Twelve investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Old Dominion Freight Line presently has an average rating of Hold and an average price target of $209.08.

Old Dominion Freight Line Price Performance

NASDAQ ODFL traded up $1.82 during mid-day trading on Monday, hitting $184.24. The stock had a trading volume of 2,360,939 shares, compared to its average volume of 1,427,878. The company has a 50 day simple moving average of $219.52 and a 200 day simple moving average of $206.13. The company has a market cap of $40.10 billion, a price-to-earnings ratio of 32.44, a P/E/G ratio of 2.85 and a beta of 1.02. Old Dominion Freight Line has a 52-week low of $147.90 and a 52-week high of $227.80. The company has a quick ratio of 2.10, a current ratio of 2.29 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.34 earnings per share 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 business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.47 billion. Equities analysts forecast that Old Dominion Freight Line will post 6.16 EPS for the current fiscal year.

Old Dominion Freight Line Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.04 annualized dividend and a yield of 0.56%. Old Dominion Freight Line's dividend payout ratio is presently 18.31%.

Insider Activity

In related news, Director John D. Kasarda sold 15,944 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total transaction of $3,524,819.80. Following the completion of the sale, the director now directly owns 13,540 shares in the company, valued at $2,993,355.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in Old Dominion Freight Line by 1.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,325,321 shares of the transportation company's stock worth $2,563,843,000 after buying an additional 81,122 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Old Dominion Freight Line by 94.6% during the 1st quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company's stock valued at $1,302,786,000 after purchasing an additional 2,888,205 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Old Dominion Freight Line by 11.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,538,487 shares of the transportation company's stock valued at $1,038,597,000 after purchasing an additional 251,289 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Old Dominion Freight Line by 0.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,101,919 shares of the transportation company's stock worth $851,971,000 after purchasing an additional 12,016 shares in the last quarter. Finally, WCM Investment Management LLC increased its position in Old Dominion Freight Line by 95.9% during the first quarter. WCM Investment Management LLC now owns 1,986,197 shares of the transportation company's stock worth $435,593,000 after buying an additional 972,531 shares during the last quarter. 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.