Old Dominion Freight Line (NASDAQ:ODFL) Stock Rating Lowered by BMO Capital Markets

BMO Capital Markets cut shares of Old Dominion Freight Line (NASDAQ:ODFL) from an outperform rating to a market perform rating in a research report sent to investors on Friday morning, Marketbeat reports. They currently have $210.00 target price on the transportation company’s stock, down from their previous target price of $214.00.

A number of other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Citigroup assumed coverage on Old Dominion Freight Line in a research note on Wednesday, October 9th. They set a “neutral” rating and a $206.00 price objective on the stock. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Morgan Stanley cut their target price on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a research report on Monday, July 8th. Finally, Stephens restated an “overweight” rating and issued a $214.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $200.56.

Old Dominion Freight Line Stock Performance

ODFL opened at $199.54 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. The stock has a market capitalization of $43.36 billion, a price-to-earnings ratio of 34.20, a PEG ratio of 4.24 and a beta of 0.99. The company has a fifty day moving average of $195.53 and a 200 day moving average of $191.55. Old Dominion Freight Line has a fifty-two week low of $165.49 and a fifty-two week high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Old Dominion Freight Line will post 5.59 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.52%. Old Dominion Freight Line’s payout ratio is currently 17.82%.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the transaction, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman David S. Congdon sold 10,000 shares of the 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 directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. This trade represents a 0.00 % decrease in their position. 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 have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. purchased a new position in Old Dominion Freight Line in the second quarter worth $25,000. Farmers & Merchants Investments Inc. raised its stake in Old Dominion Freight Line by 100.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the last quarter. Atwood & Palmer Inc. boosted its holdings in Old Dominion Freight Line by 3,700.0% in the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock worth $27,000 after acquiring an additional 148 shares in the last quarter. Washington Trust Advisors Inc. raised its position in shares of Old Dominion Freight Line by 138.3% in the 1st quarter. Washington Trust Advisors Inc. now owns 143 shares of the transportation company’s stock valued at $31,000 after purchasing an additional 83 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in Old Dominion Freight Line by 1,630.0% in the 2nd quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock worth $31,000 after purchasing an additional 163 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

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.