Wells Fargo & Company Lowers Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $160.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price target cut by Wells Fargo & Company from $170.00 to $160.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an underweight rating on the transportation company’s stock.

Several other equities analysts have also recently weighed in on the company. Robert W. Baird dropped their price objective on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday. Stephens reaffirmed an “overweight” rating and set a $214.00 price target on shares of Old Dominion Freight Line in a report on Thursday, September 5th. BMO Capital Markets reduced their price target on shares of 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. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. Finally, Raymond James raised their target price on Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $196.39.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL traded up $3.45 during mid-day trading on Thursday, reaching $195.26. 185,938 shares of the company’s stock were exchanged, compared to its average volume of 1,544,703. Old Dominion Freight Line has a one year low of $165.49 and a one 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. The business’s fifty day simple moving average is $195.58 and its two-hundred day simple moving average is $190.85. The firm has a market capitalization of $42.43 billion, a PE ratio of 32.87, a price-to-earnings-growth ratio of 4.20 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.42 by $0.01. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period last year, the firm earned $1.54 earnings per share. Analysts anticipate that Old Dominion Freight Line will post 5.56 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 17.82%.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction dated 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 directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on 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 sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the 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 sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. grew its holdings in Old Dominion Freight Line by 108.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,718 shares of the transportation company’s stock worth $540,000 after acquiring an additional 1,412 shares during the period. Traynor Capital Management Inc. bought a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at about $1,206,000. abrdn plc grew its stake in Old Dominion Freight Line by 15.8% during the third quarter. abrdn plc now owns 61,078 shares of the transportation company’s stock worth $12,104,000 after purchasing an additional 8,329 shares during the period. Hunter Associates Investment Management LLC increased its holdings in Old Dominion Freight Line by 24.9% in the third quarter. Hunter Associates Investment Management LLC now owns 11,499 shares of the transportation company’s stock worth $2,284,000 after purchasing an additional 2,294 shares in the last quarter. Finally, J.W. Cole Advisors Inc. acquired a new position in Old Dominion Freight Line in the third quarter valued at approximately $514,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.