Old Dominion Freight Line (NASDAQ:ODFL) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of Old Dominion Freight Line (NASDAQ:ODFL – Get Rating) in a research note issued to investors on Thursday morning. The brokerage issued a hold rating on the transportation company’s stock.

Several other brokerages also recently commented on ODFL. Wells Fargo & Company increased their price objective on shares of Old Dominion Freight Line from $315.00 to $395.00 and gave the company an overweight rating in a research note on Thursday, February 2nd. Citigroup raised their price objective on Old Dominion Freight Line from $275.00 to $380.00 and gave the company a neutral rating in a report on Thursday, February 2nd. Credit Suisse Group boosted their price objective on Old Dominion Freight Line from $323.00 to $338.00 in a research report on Thursday, February 2nd. Robert W. Baird increased their target price on Old Dominion Freight Line from $276.00 to $340.00 and gave the company a neutral rating in a research report on Thursday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Old Dominion Freight Line from $290.00 to $396.00 and gave the stock a hold rating in a report on Thursday, February 2nd. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of Hold and an average price target of $342.32.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $331.56 on Thursday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.02. The company has a market cap of $36.48 billion, a PE ratio of 27.22, a price-to-earnings-growth ratio of 3.33 and a beta of 1.08. The company has a 50 day moving average of $338.91 and a 200-day moving average of $299.43. Old Dominion Freight Line has a 1-year low of $231.31 and a 1-year high of $381.81.

Old Dominion Freight Line (NASDAQ:ODFL – Get Rating) last released its earnings results on Wednesday, February 1st. The transportation company reported $2.92 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.24. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 38.60% and a net margin of 22.00%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.41 earnings per share. As a group, equities research analysts forecast that Old Dominion Freight Line will post 12.12 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st were issued a $0.40 dividend. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 28th. This represents a $1.60 annualized dividend and a yield of 0.48%. Old Dominion Freight Line’s payout ratio is presently 13.14%.

Insiders Place Their Bets

In other news, Director Bradley R. Gabosch sold 2,700 shares of the business’s stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $358.21, for a total value of $967,167.00. Following the transaction, the director now directly owns 5,818 shares of the company’s stock, valued at approximately $2,084,065.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP David J. Bates sold 1,208 shares of the company’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $344.71, for a total transaction of $416,409.68. Following the transaction, the senior vice president now directly owns 14,082 shares of the company’s stock, valued at approximately $4,854,206.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Bradley R. Gabosch sold 2,700 shares of the stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $358.21, for a total value of $967,167.00. Following the completion of the transaction, the director now owns 5,818 shares in the company, valued at approximately $2,084,065.78. The disclosure for this sale can be found here. Company insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of the company. CoreCap Advisors LLC acquired a new stake in Old Dominion Freight Line in the 2nd quarter valued at $29,000. Guardian Wealth Advisors LLC bought a new position in shares of Old Dominion Freight Line in the third quarter valued at $36,000. Heritage Wealth Management LLC lifted its position in Old Dominion Freight Line by 100.0% in the 4th quarter. Heritage Wealth Management LLC now owns 140 shares of the transportation company’s stock valued at $40,000 after acquiring an additional 70 shares in the last quarter. Heritage Wealth Advisors acquired a new position in Old Dominion Freight Line during the 4th quarter valued at about $43,000. Finally, Pittenger & Anderson Inc. increased its holdings in Old Dominion Freight Line by 145.8% during the 3rd quarter. Pittenger & Anderson Inc. now owns 177 shares of the transportation company’s stock worth $44,000 after purchasing an additional 105 shares in the last quarter. 73.08% of the stock is owned by institutional investors and hedge funds.

About Old Dominion Freight Line

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Old Dominion Freight Line, Inc engages in the provision of less-than-truckload services. The firm offers regional, inter-regional, and national less-than-truckload services. Its services also include container drayage, truckload brokerage, supply chain consulting, and warehousing. The company was founded by Earl Congdon Sr.