Raymond James Increases Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $233.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective hoisted by Raymond James from $207.50 to $233.00 in a research report report published on Monday morning, Benzinga reports. They currently have an outperform rating on the transportation company’s stock.

A number of other analysts have also recently commented on ODFL. JPMorgan Chase & Co. reduced their price objective on Old Dominion Freight Line from $233.00 to $231.00 and set a neutral rating for the company in a research report on Tuesday, April 9th. Barclays reduced their price objective on Old Dominion Freight Line to $210.00 and set an equal weight rating for the company in a research report on Thursday, April 4th. Stifel Nicolaus upped their price objective on Old Dominion Freight Line from $208.00 to $217.00 and gave the company a buy rating in a research report on Wednesday, January 10th. Bank of America reissued a neutral rating and set a $223.00 price target (up previously from $221.50) on shares of Old Dominion Freight Line in a report on Wednesday, March 6th. Finally, Susquehanna boosted their price target on Old Dominion Freight Line from $232.50 to $257.50 and gave the company a positive rating in a report on Thursday, February 8th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $214.19.

Old Dominion Freight Line Stock Down 1.4 %

ODFL stock opened at $207.82 on Monday. Old Dominion Freight Line has a 1-year low of $147.90 and a 1-year high of $227.80. The business has a fifty day moving average price of $221.48 and a 200-day moving average price of $206.45. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.10 and a quick ratio of 2.10. The stock has a market capitalization of $45.24 billion, a P/E ratio of 36.91, a P/E/G ratio of 3.17 and a beta of 1.02.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, January 31st. The transportation company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.04. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 31.18% and a net margin of 21.13%. Old Dominion Freight Line’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. Equities analysts forecast that Old Dominion Freight Line will post 6.35 earnings per share for the current fiscal year.

Old Dominion Freight Line Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Tuesday, March 5th. Old Dominion Freight Line’s payout ratio is presently 18.47%.

Insider Activity at Old Dominion Freight Line

In related news, Director John D. Kasarda sold 15,944 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total transaction of $3,524,819.80. Following the completion of the transaction, the director now directly owns 13,540 shares of the company’s stock, valued at $2,993,355.50. The sale was disclosed in a filing with the SEC, which is available through this link. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas lifted its stake in shares of Old Dominion Freight Line by 0.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 23,288 shares of the transportation company’s stock worth $9,528,000 after acquiring an additional 92 shares during the last quarter. LVW Advisors LLC purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at $400,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Old Dominion Freight Line by 14.9% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,016 shares of the transportation company’s stock valued at $7,371,000 after acquiring an additional 2,335 shares during the period. Kentucky Retirement Systems purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at $3,087,000. Finally, DnB Asset Management AS increased its holdings in shares of Old Dominion Freight Line by 46.8% in the 3rd quarter. DnB Asset Management AS now owns 30,448 shares of the transportation company’s stock valued at $12,457,000 after acquiring an additional 9,713 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.