Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Down 5% After Analyst Downgrade

Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) dropped 5% during mid-day trading on Friday after TD Cowen lowered their price target on the stock from $209.00 to $206.00. TD Cowen currently has a hold rating on the stock. Old Dominion Freight Line traded as low as $181.30 and last traded at $186.92. Approximately 658,071 shares traded hands during trading, a decline of 52% from the average daily volume of 1,378,705 shares. The stock had previously closed at $196.66.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating on the stock in a research note on Thursday. Bank of America reduced their price objective on shares of Old Dominion Freight Line from $223.00 to $205.00 and set a “neutral” rating on the stock in a research note on Thursday. Evercore ISI reduced their price objective on shares of Old Dominion Freight Line from $241.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday. Raymond James upped their price objective on shares of Old Dominion Freight Line from $207.50 to $233.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Finally, UBS Group upped their price objective on shares of Old Dominion Freight Line from $202.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $210.97.

Insider Activity at Old Dominion Freight Line

In related 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 value of $3,524,819.80. Following 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 legal filing with the SEC, which can be accessed through this link. 10.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ODFL. Meridian Wealth Management LLC boosted its holdings in Old Dominion Freight Line by 118.4% in the third quarter. Meridian Wealth Management LLC now owns 1,284 shares of the transportation company’s stock valued at $525,000 after acquiring an additional 696 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in Old Dominion Freight Line by 106.9% in the third quarter. Exchange Traded Concepts LLC now owns 2,584 shares of the transportation company’s stock valued at $1,057,000 after acquiring an additional 1,335 shares in the last quarter. Koshinski Asset Management Inc. bought a new stake in Old Dominion Freight Line in the third quarter valued at $673,000. CX Institutional bought a new stake in Old Dominion Freight Line in the third quarter valued at $389,000. Finally, UMB Bank n.a. boosted its holdings in Old Dominion Freight Line by 15.8% in the third quarter. UMB Bank n.a. now owns 242 shares of the transportation company’s stock valued at $99,000 after acquiring an additional 33 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Down 6.7 %

The firm has a market cap of $39.96 billion, a P/E ratio of 32.32, a PEG ratio of 2.80 and a beta of 1.02. The firm’s fifty day moving average is $220.65 and its two-hundred day moving average is $206.61. The company has a quick ratio of 2.10, a current ratio of 2.29 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.01. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend was Tuesday, March 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.31%.

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.