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

Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) announced a quarterly dividend on Thursday, May 22nd, RTT News reports. Investors 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%. The ex-dividend date of this dividend is Wednesday, June 4th.

Old Dominion Freight Line has raised its dividend payment by an average of 37.5% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Old Dominion Freight Line has a payout ratio of 18.6% 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 traded up $2.98 on Tuesday, reaching $164.54. The company had a trading volume of 702,729 shares, compared to its average volume of 1,661,715. Old Dominion Freight Line has a 52-week low of $144.90 and a 52-week high of $233.26. 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 business has a 50 day simple moving average of $159.74 and a 200 day simple moving average of $181.36. The company has a market cap of $34.77 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 2.89 and a beta of 1.31.

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

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Raymond James set a $185.00 target price on shares of Old Dominion Freight Line and gave the company an "outperform" rating in a report on Thursday, April 24th. Morgan Stanley set a $185.00 price target on Old Dominion Freight Line in a research note on Wednesday, April 2nd. Wall Street Zen downgraded Old Dominion Freight Line from a "hold" rating to a "sell" rating in a research note on Saturday, March 29th. Wells Fargo & Company set a $150.00 price objective on Old Dominion Freight Line and gave the company an "underweight" rating in a research note on Thursday, April 24th. Finally, Stifel Nicolaus dropped their price target on Old Dominion Freight Line from $188.00 to $175.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus price target of $182.26.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Old Dominion Freight Line stock. Brighton Jones LLC lifted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,559 shares of the transportation company's stock after purchasing an additional 79 shares during the quarter. Brighton Jones LLC's holdings in Old Dominion Freight Line were worth $275,000 as of its most recent SEC filing. Institutional investors own 77.82% of the company's stock.

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.