Wells Fargo & Company Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $185.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective trimmed by Wells Fargo & Company from $195.00 to $185.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has an underweight rating on the transportation company’s stock.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price target on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. BMO Capital Markets reduced their target price on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. TD Cowen reduced their price objective on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a report on Thursday, October 24th. Finally, Stephens reiterated an “overweight” rating and set a $240.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $204.12.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $179.58 on Tuesday. The business’s 50 day moving average price is $203.37 and its 200 day moving average price is $197.24. The company has a market cap of $38.34 billion, a price-to-earnings ratio of 31.40, a PEG ratio of 4.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line has a one year low of $165.49 and a one year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the company posted $1.54 EPS. The company’s revenue was down 3.0% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line will post 5.42 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is presently 18.18%.

Insider Activity at Old Dominion Freight Line

In other news, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the transaction, the director now owns 7,383 shares in the company, valued at approximately $1,664,423.52. This represents a 28.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $200.07, for a total value of $1,400,490.00. Following the sale, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. This trade represents a 6.67 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. purchased a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $25,000. Cullen Frost Bankers Inc. lifted its position in Old Dominion Freight Line by 472.5% in the second quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company’s stock valued at $40,000 after acquiring an additional 189 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of Old Dominion Freight Line during the third quarter worth about $45,000. Brown Brothers Harriman & Co. grew its holdings in shares of Old Dominion Freight Line by 398.1% during the third quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock worth $53,000 after purchasing an additional 215 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at about $60,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.