Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Declares Quarterly Dividend of $0.28

Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) declared a quarterly dividend on Thursday, May 22nd, RTT News reports. Shareholders of record on Wednesday, June 4th will be paid a dividend of 0.28 per share by the transportation company on Wednesday, June 18th. This represents a $1.12 dividend on an annualized basis and a yield of 0.68%.

Old Dominion Freight Line has increased its dividend payment by an average of 37.5% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Old Dominion Freight Line has a dividend payout ratio of 18.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Old Dominion Freight Line to earn $6.69 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 16.7%.

Old Dominion Freight Line Price Performance

ODFL opened at $164.19 on Thursday. The company's 50-day simple moving average is $159.82 and its two-hundred day simple moving average is $183.02. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market capitalization of $34.70 billion, a P/E ratio of 29.96, a P/E/G ratio of 2.89 and a beta of 1.31. Old Dominion Freight Line has a 52-week low of $144.90 and a 52-week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The transportation company reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.05. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.38 billion. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The firm's revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.34 EPS. As a group, analysts predict that Old Dominion Freight Line will post 5.68 EPS for the current year.

Institutional Investors Weigh In On Old Dominion Freight Line

A hedge fund recently raised its stake in Old Dominion Freight Line stock. Empowered Funds LLC grew its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 134.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,213 shares of the transportation company's stock after acquiring an additional 5,866 shares during the quarter. Empowered Funds LLC's holdings in Old Dominion Freight Line were worth $1,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ODFL has been the topic of several recent research reports. Stifel Nicolaus lowered their price objective on shares of Old Dominion Freight Line from $188.00 to $175.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. UBS Group dropped their price target on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of Old Dominion Freight Line in a research report on Friday, March 7th. They set a "buy" rating and a $236.00 price objective for the company. Bank of America raised their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Truist Financial reduced their price target on Old Dominion Freight Line from $220.00 to $175.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $182.26.

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.

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