Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Down 5.2% - Time to Sell?

Key Points

• Old Dominion Freight Line shares fell 5.2% to about $177.36, trading below both their 50-day and 200-day moving averages.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from 26 analysts and an average price target of $223.48, despite several firms recently lowering targets.
• The company exceeded quarterly expectations, reporting $1.65 in EPS and $1.59 billion in revenue, while announcing a quarterly dividend of $0.29 per share, yielding approximately 0.7%.

Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report)'s stock price dropped 5.2% during trading on Wednesday. The stock traded as low as $171.56 and last traded at $177.3550. Approximately 1,011,368 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 1,979,068 shares. The stock had previously closed at $187.03.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of recent research reports. Bank of America lowered their price objective on Old Dominion Freight Line from $240.00 to $205.00 in a research note on Friday, September 4th. Wolfe Research raised Old Dominion Freight Line from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, October 7th. Susquehanna decreased their price objective on Old Dominion Freight Line from $232.00 to $202.00 and set a "neutral" rating for the company in a report on Friday, October 2nd. UBS Group reissued a "neutral" rating and set a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Finally, Truist Financial set a $230.00 price target on shares of Old Dominion Freight Line and gave the company a "buy" rating in a research report on Wednesday, October 7th. Ten research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus price target of $223.48.

Old Dominion Freight Line Stock Down 5.5%

The firm has a 50-day simple moving average of $185.54 and a 200-day simple moving average of $201.46. The stock has a market cap of $36.65 billion, a PE ratio of 34.00 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The transportation company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.61 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.57 billion. Old Dominion Freight Line's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.28 earnings per share. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.86 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Wednesday, December 2nd. Old Dominion Freight Line's payout ratio is 22.35%.

Insider Transactions at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares of the company's stock, valued at $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bogart Wealth LLC boosted its position in shares of Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock valued at $100,000 after buying an additional 46 shares during the period. Private Advisor Group LLC lifted its position in shares of Old Dominion Freight Line by 1.3% in the 1st 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 during the period. Keybank National Association OH lifted its holdings in Old Dominion Freight Line by 2.3% during the first quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock worth $479,000 after buying an additional 56 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after acquiring an additional 62 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in Old Dominion Freight Line by 13.9% in the second quarter. Parkside Financial Bank & Trust now owns 526 shares of the transportation company's stock valued at $114,000 after purchasing an additional 64 shares during the last quarter. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company's services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.

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