Old Dominion Freight Line (NASDAQ:ODFL) Shares Break Above 50-Day Moving Average – Here’s Why

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $185.54 and traded as high as $187.52. Old Dominion Freight Line shares last traded at $187.03, with a volume of 2,121,857 shares traded.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stifel Nicolaus set a $230.00 price target on Old Dominion Freight Line and gave the stock a “buy” rating in a research report on Thursday, October 8th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. The Goldman Sachs Group reiterated a “buy” rating and issued a $244.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. Citigroup raised Old Dominion Freight Line from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $231.00 to $223.00 in a research note on Tuesday, September 8th. Finally, Zacks Research lowered Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Ten analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $223.48.

Old Dominion Freight Line Stock Up 2.5%

The business’s fifty day moving average is $185.54 and its two-hundred day moving average is $201.46.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.27 earnings per share. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.86 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, December 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.20% of the stock is currently owned by company insiders.

Institutional Trading of Old Dominion Freight Line

Hedge funds have recently modified their holdings of the stock. BOKF NA boosted its holdings in Old Dominion Freight Line by 3.3% in the third quarter. BOKF NA now owns 20,035 shares of the transportation company’s stock valued at $3,483,000 after purchasing an additional 643 shares during the period. Motley Fool Asset Management LLC grew its stake in Old Dominion Freight Line by 0.8% during the 3rd quarter. Motley Fool Asset Management LLC now owns 17,221 shares of the transportation company’s stock worth $2,994,000 after purchasing an additional 139 shares in the last quarter. North Dakota State Investment Board grew its stake in Old Dominion Freight Line by 4.7% during the 3rd quarter. North Dakota State Investment Board now owns 5,717 shares of the transportation company’s stock worth $994,000 after purchasing an additional 255 shares in the last quarter. Generali Asset Management SPA SGR increased its holdings in Old Dominion Freight Line by 258.0% during the 3rd quarter. Generali Asset Management SPA SGR now owns 4,368 shares of the transportation company’s stock worth $759,000 after purchasing an additional 3,148 shares during the period. Finally, Asset Management One Co. Ltd. increased its holdings in Old Dominion Freight Line by 2.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 82,248 shares of the transportation company’s stock worth $14,298,000 after purchasing an additional 1,908 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.