Old Dominion Freight Line (NASDAQ:ODFL) Hits New 52-Week Low - Here's Why

Key Points

• Old Dominion Freight Line's share price has reached a new 52-week low of $141.56, down from a previous close of $144.46, with significant trading volume of 259,298 shares.
• Analysts have adjusted their price targets, with Morgan Stanley lowering theirs to $165.00 while Bank of America raised theirs to $183.00, indicating mixed sentiment with a consensus rating of "Hold."
• The company reported a missed earnings estimate for the last quarter, with $1.27 earnings per share versus an expected $1.29, reflecting a revenue decline of 6.1% year-over-year.

Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $141.56 and last traded at $141.68, with a volume of 259298 shares changing hands. The stock had previously closed at $144.46.

Analysts Set New Price Targets

ODFL has been the subject of several research reports. Morgan Stanley decreased their price target on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a report on Thursday, July 31st. Bank of America increased their price objective on shares of Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. reduced their target price on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a research note on Tuesday, July 8th. TD Cowen reduced their target price on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a research note on Thursday, July 31st. Finally, Stifel Nicolaus reduced their target price on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $167.62.

Old Dominion Freight Line Trading Down 1.0%

The business's 50 day moving average price is $160.64 and its 200-day moving average price is $166.93. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The company has a market cap of $30.06 billion, a price-to-earnings ratio of 27.93, a PEG ratio of 3.33 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the business posted $1.48 EPS. The business's quarterly revenue was down 6.1% compared to the same quarter last year. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is 21.88%.

Institutional Trading of Old Dominion Freight Line

Several large investors have recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in Old Dominion Freight Line by 164.8% in the 2nd quarter. Empowered Funds LLC now owns 27,046 shares of the transportation company's stock worth $4,390,000 after purchasing an additional 16,833 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Old Dominion Freight Line by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 22,758,247 shares of the transportation company's stock worth $3,693,663,000 after buying an additional 91,842 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Old Dominion Freight Line by 10.3% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 96,596 shares of the transportation company's stock worth $15,678,000 after buying an additional 8,990 shares during the period. Citigroup Inc. lifted its holdings in Old Dominion Freight Line by 149.5% during the 2nd quarter. Citigroup Inc. now owns 710,786 shares of the transportation company's stock worth $115,360,000 after buying an additional 425,846 shares during the period. Finally, Financial Gravity Companies Inc. acquired a new position in Old Dominion Freight Line during the 2nd quarter worth about $26,000. 77.82% of the stock is owned by institutional investors and hedge funds.

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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