Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down to $219.28

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) gapped down before the market opened on Wednesday . The stock had previously closed at $219.28, but opened at $208.00. Old Dominion Freight Line shares last traded at $210.17, with a volume of 480,949 shares.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Barclays cut their price target on shares of Old Dominion Freight Line to $210.00 and set an “equal weight” rating for the company in a report on Thursday, April 4th. Susquehanna raised their price target on shares of Old Dominion Freight Line from $232.50 to $257.50 and gave the stock a “positive” rating in a report on Thursday, February 8th. Bank of America reaffirmed a “neutral” rating and set a $223.00 price objective (up previously from $221.50) on shares of Old Dominion Freight Line in a research report on Wednesday, March 6th. The Goldman Sachs Group increased their price objective on shares of Old Dominion Freight Line from $200.00 to $222.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. Finally, Stifel Nicolaus increased their price objective on shares of Old Dominion Freight Line from $208.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $214.19.

Old Dominion Freight Line Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.10 and a current ratio of 2.10. The company has a market cap of $42.88 billion, a PE ratio of 34.81, a PEG ratio of 3.04 and a beta of 1.02. The company’s 50-day simple moving average is $221.45 and its 200 day simple moving average is $206.76.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, January 31st. The transportation company reported $1.47 EPS for the quarter, beating the consensus estimate 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 net margin of 21.13% and a return on equity of 31.18%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company posted $1.46 EPS. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 6.35 earnings per share for the current fiscal year.

Old Dominion Freight Line Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.47%.

Insider Transactions at Old Dominion Freight Line

In other news, Director John D. Kasarda sold 15,944 shares of Old Dominion Freight Line stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $221.08, for a total transaction of $3,524,819.80. Following the completion of the sale, the director now directly owns 13,540 shares of the company’s stock, valued at approximately $2,993,355.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently bought and sold shares of ODFL. Norges Bank acquired a new stake in Old Dominion Freight Line during the 4th quarter worth $495,387,000. International Assets Investment Management LLC raised its stake in Old Dominion Freight Line by 39,016.7% during the 4th quarter. International Assets Investment Management LLC now owns 705,274 shares of the transportation company’s stock worth $285,869,000 after acquiring an additional 703,471 shares in the last quarter. Canal Capital Management LLC raised its stake in Old Dominion Freight Line by 100.8% during the 1st quarter. Canal Capital Management LLC now owns 565,496 shares of the transportation company’s stock worth $124,019,000 after acquiring an additional 283,884 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Old Dominion Freight Line by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,538,487 shares of the transportation company’s stock worth $1,038,597,000 after acquiring an additional 251,289 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Old Dominion Freight Line by 101.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 495,051 shares of the transportation company’s stock worth $108,570,000 after acquiring an additional 248,948 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

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.