Analysts Expect Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Will Announce Quarterly Sales of $1.23 Billion


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Wall Street brokerages expect that Old Dominion Freight Line, Inc. (NASDAQ:ODFL) will post sales of $1.23 billion for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Old Dominion Freight Line’s earnings, with the highest sales estimate coming in at $1.25 billion and the lowest estimate coming in at $1.21 billion. Old Dominion Freight Line posted sales of $896.21 million during the same quarter last year, which would suggest a positive year over year growth rate of 37.2%. The business is scheduled to report its next quarterly earnings results on Thursday, July 29th.

According to Zacks, analysts expect that Old Dominion Freight Line will report full year sales of $4.83 billion for the current year, with estimates ranging from $4.69 billion to $5.06 billion. For the next financial year, analysts expect that the business will report sales of $5.30 billion, with estimates ranging from $5.10 billion to $5.60 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Old Dominion Freight Line.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, April 22nd. The transportation company reported $1.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.12. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Old Dominion Freight Line had a return on equity of 20.47% and a net margin of 15.87%. Old Dominion Freight Line’s revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.11 EPS.

Several brokerages have issued reports on ODFL. Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Friday, February 12th. Stephens boosted their price target on shares of Old Dominion Freight Line from $240.00 to $280.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 13th. The Goldman Sachs Group upgraded shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and increased their price objective for the company from $222.00 to $238.00 in a report on Tuesday, March 16th. Evercore ISI restated a “buy” rating on shares of Old Dominion Freight Line in a report on Sunday, April 25th. Finally, Wolfe Research raised Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and set a $221.00 price target for the company in a report on Thursday, January 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $234.29.

A number of institutional investors and hedge funds have recently made changes to their positions in ODFL. Price T Rowe Associates Inc. MD increased its position in shares of Old Dominion Freight Line by 50.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,606,010 shares of the transportation company’s stock worth $1,289,361,000 after acquiring an additional 2,214,190 shares during the period. Norges Bank purchased a new stake in Old Dominion Freight Line during the 4th quarter worth about $179,498,000. BlackRock Inc. raised its position in Old Dominion Freight Line by 6.3% in the 4th quarter. BlackRock Inc. now owns 8,084,935 shares of the transportation company’s stock valued at $1,578,017,000 after purchasing an additional 478,782 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Old Dominion Freight Line by 105.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 613,388 shares of the transportation company’s stock valued at $147,465,000 after purchasing an additional 314,805 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Old Dominion Freight Line by 33.1% in the 4th quarter. Wells Fargo & Company MN now owns 699,248 shares of the transportation company’s stock valued at $136,479,000 after buying an additional 173,737 shares during the period. 70.60% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:ODFL traded up $3.08 during trading on Thursday, reaching $264.75. The stock had a trading volume of 553,427 shares, compared to its average volume of 690,068. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.53 and a current ratio of 2.53. Old Dominion Freight Line has a 1-year low of $144.41 and a 1-year high of $265.61. The stock has a market cap of $30.70 billion, a PE ratio of 49.65, a PEG ratio of 1.89 and a beta of 1.00. The business has a fifty day moving average price of $244.33 and a 200-day moving average price of $214.57.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 17th. Shareholders of record on Wednesday, March 3rd were given a $0.20 dividend. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.15. This represents a $0.80 annualized dividend and a yield of 0.30%. The ex-dividend date was Tuesday, March 2nd. Old Dominion Freight Line’s payout ratio is currently 15.66%.

About Old Dominion Freight Line

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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