Old Dominion Freight Line (NASDAQ:ODFL) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 4,481,700 shares, a growth of 23.2% from the July 31st total of 3,638,700 shares. Based on an average daily trading volume, of 547,500 shares, the days-to-cover ratio is currently 8.2 days. Currently, 6.3% of the company’s shares are sold short.
In other Old Dominion Freight Line news, insider David S. Congdon sold 30,150 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $165.51, for a total value of $4,990,126.50. Following the completion of the sale, the insider now owns 13,385 shares in the company, valued at approximately $2,215,351.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gregory B. Plemmons sold 1,249 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $163.39, for a total value of $204,074.11. Following the completion of the sale, the senior vice president now owns 5,714 shares of the company’s stock, valued at approximately $933,610.46. The disclosure for this sale can be found here. Insiders sold a total of 87,799 shares of company stock valued at $14,586,493 in the last 90 days. 11.90% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC lifted its position in Old Dominion Freight Line by 155.2% during the 2nd quarter. Quantamental Technologies LLC now owns 171 shares of the transportation company’s stock worth $26,000 after acquiring an additional 104 shares in the last quarter. Cordasco Financial Network lifted its position in Old Dominion Freight Line by 77.2% during the 2nd quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock worth $27,000 after acquiring an additional 78 shares in the last quarter. CSat Investment Advisory L.P. acquired a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $28,000. Kavar Capital Partners LLC acquired a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $45,000. Finally, SRS Capital Advisors Inc. acquired a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $59,000. 71.58% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ ODFL traded up $0.21 during midday trading on Friday, hitting $173.92. The stock had a trading volume of 161,278 shares, compared to its average volume of 519,562. The company has a market capitalization of $13.88 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 2.48 and a beta of 1.50. Old Dominion Freight Line has a 1-year low of $115.00 and a 1-year high of $176.22. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average price of $164.53 and a 200 day moving average price of $151.34.
Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Thursday, July 25th. The transportation company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.05. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.08 billion. Old Dominion Freight Line had a return on equity of 23.57% and a net margin of 15.48%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.99 EPS. On average, research analysts forecast that Old Dominion Freight Line will post 7.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 9.21%.
Old Dominion Freight Line declared that its board has approved a stock repurchase program on Thursday, May 16th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the transportation company to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Several analysts have commented on the company. Morgan Stanley set a $146.00 price target on Old Dominion Freight Line and gave the company a “hold” rating in a report on Friday, August 9th. Robert W. Baird set a $162.00 price objective on Old Dominion Freight Line and gave the company a “hold” rating in a research note on Friday, July 26th. BidaskClub raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Bank of America reaffirmed a “neutral” rating and issued a $150.00 price objective (up from $144.00) on shares of Old Dominion Freight Line in a research note on Thursday, June 20th. Finally, Credit Suisse Group lifted their price objective on Old Dominion Freight Line from $152.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $152.08.
Old Dominion Freight Line Company Profile
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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