Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down - What's Next?

Key Points

• Old Dominion Freight Line shares gapped down before trading, opening at $230.84 after closing at $248.73, and were last down about 5.9% at $236.27.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating with a consensus target price of $210.71, after several firms reiterated neutral or hold views and one cut its target with a sell rating.
• The company recently beat quarterly EPS and revenue estimates, and it also announced a quarterly dividend of $0.29 per share, payable June 17, for an annualized yield of about 0.5%.

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $248.73, but opened at $230.84. Old Dominion Freight Line shares last traded at $236.2660, with a volume of 485,117 shares traded.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Barclays set a $210.00 target price on Old Dominion Freight Line and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Rothschild & Co Redburn cut their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research report on Tuesday, May 12th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the company a "neutral" rating in a research note on Tuesday, April 28th. Finally, Citigroup reiterated a "neutral" rating and set a $225.00 price objective (up from $218.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus target price of $210.71.

Old Dominion Freight Line Trading Down 5.9%

The stock has a market capitalization of $48.70 billion, a price-to-earnings ratio of 49.05, a PEG ratio of 5.01 and a beta of 1.17. The stock has a 50-day moving average price of $212.27 and a 200 day moving average price of $187.56.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.Old Dominion Freight Line's revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.19 EPS. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.37 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be issued a $0.29 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio is currently 24.27%.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 10.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its stake in Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after purchasing an additional 46 shares in the last quarter. Private Advisor Group LLC lifted its stake in Old Dominion Freight Line by 1.3% during the first quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock worth $814,000 after purchasing an additional 55 shares in the last quarter. Keybank National Association OH grew its position in Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock valued at $479,000 after acquiring an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators grew its position in Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock valued at $101,000 after acquiring an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its position in Old Dominion Freight Line by 1.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock valued at $812,000 after acquiring an additional 60 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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