Old Dominion Freight Line (NASDAQ:ODFL) PT Lowered to $170.00 at Wells Fargo & Company

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective reduced by Wells Fargo & Company from $175.00 to $170.00 in a research note released on Thursday morning, Benzinga reports. They currently have an underweight rating on the transportation company’s stock.

Several other brokerages have also recently issued reports on ODFL. BMO Capital Markets raised their price objective on Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an outperform rating in a research note on Thursday, July 25th. Evercore ISI reaffirmed an in-line rating and issued a $196.00 price target (down from $225.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 25th. TD Cowen boosted their price objective on shares of Old Dominion Freight Line from $206.00 to $214.00 and gave the company a hold rating in a research report on Thursday, July 25th. Bank of America raised their target price on shares of Old Dominion Freight Line from $192.00 to $203.00 and gave the stock a neutral rating in a report on Monday, July 22nd. Finally, Benchmark reaffirmed a hold rating on shares of Old Dominion Freight Line in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $201.00.

Old Dominion Freight Line Price Performance

ODFL opened at $184.82 on Thursday. The company has a 50-day moving average of $194.08 and a 200-day moving average of $197.46. The company has a market capitalization of $40.16 billion, a P/E ratio of 32.54, a PEG ratio of 3.76 and a beta of 0.99. Old Dominion Freight Line has a 1-year low of $165.49 and a 1-year high of $227.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the firm earned $1.33 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts expect that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.56%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.31%.

Insider Transactions at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares in the company, valued at $271,602,670.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the sale, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Old Dominion Freight Line by 1,093.9% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 585 shares of the transportation company’s stock worth $237,000 after purchasing an additional 536 shares in the last quarter. Merit Financial Group LLC increased its holdings in shares of Old Dominion Freight Line by 31.3% in the fourth quarter. Merit Financial Group LLC now owns 755 shares of the transportation company’s stock valued at $306,000 after buying an additional 180 shares in the last quarter. Lincoln National Corp lifted its position in shares of Old Dominion Freight Line by 66.9% during the 4th quarter. Lincoln National Corp now owns 1,768 shares of the transportation company’s stock valued at $717,000 after acquiring an additional 709 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Old Dominion Freight Line by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 526,545 shares of the transportation company’s stock worth $213,425,000 after acquiring an additional 12,790 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of Old Dominion Freight Line in the 4th quarter worth $194,000. 77.82% of the stock is owned by institutional investors and hedge funds.

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.