Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Down 9.9% – Here’s Why

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price was down 9.9% on Friday . The stock traded as low as $180.00 and last traded at $177.75. Approximately 852,318 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 1,484,828 shares. The stock had previously closed at $197.25.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ODFL shares. Morgan Stanley upped their price target on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Stifel Nicolaus upped their price target on shares of Old Dominion Freight Line from $176.00 to $193.00 and gave the company a “hold” rating in a report on Thursday, January 23rd. Citigroup increased their target price on shares of Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. JPMorgan Chase & Co. increased their target price on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Bank of America reduced their target price on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $203.33.

Old Dominion Freight Line Price Performance

The company has a market capitalization of $38.52 billion, a P/E ratio of 32.92, a price-to-earnings-growth ratio of 2.89 and a beta of 1.05. The company’s 50-day moving average price is $188.96 and its two-hundred day moving average price is $197.81. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a $0.28 dividend. The ex-dividend date is Wednesday, March 5th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 0.62%. Old Dominion Freight Line’s dividend payout ratio is presently 18.98%.

Hedge Funds Weigh In On Old Dominion Freight Line

Several large investors have recently modified their holdings of the stock. SevenBridge Financial Group LLC raised its position in shares of Old Dominion Freight Line by 2.0% in the third quarter. SevenBridge Financial Group LLC now owns 2,611 shares of the transportation company’s stock valued at $519,000 after purchasing an additional 50 shares during the period. Advisors Asset Management Inc. increased its position in Old Dominion Freight Line by 0.5% during the third quarter. Advisors Asset Management Inc. now owns 10,888 shares of the transportation company’s stock worth $2,163,000 after acquiring an additional 55 shares during the period. Hantz Financial Services Inc. increased its position in Old Dominion Freight Line by 3.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,568 shares of the transportation company’s stock worth $277,000 after acquiring an additional 55 shares during the period. D.A. Davidson & CO. increased its position in Old Dominion Freight Line by 1.9% during the fourth quarter. D.A. Davidson & CO. now owns 2,888 shares of the transportation company’s stock worth $509,000 after acquiring an additional 55 shares during the period. Finally, Evergreen Private Wealth LLC increased its position in Old Dominion Freight Line by 0.9% during the fourth quarter. Evergreen Private Wealth LLC now owns 6,651 shares of the transportation company’s stock worth $1,173,000 after acquiring an additional 59 shares during the period. 77.82% of the stock is owned by institutional investors.

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.