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

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was down 5% 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 were traded during trading, a decline of 52% from the average daily volume of 1,378,705 shares. The stock had previously closed at $196.66.

ODFL has been the topic of a number of other research reports. Stifel Nicolaus increased their price target 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. UBS Group lifted their target price on Old Dominion Freight Line from $202.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday. Barclays lowered their target price on Old Dominion Freight Line from $210.00 to $205.00 and set an “equal weight” rating on the stock in a research note on Thursday. Susquehanna lifted their price objective on Old Dominion Freight Line from $232.50 to $257.50 and gave the stock a “positive” rating in a report on Thursday, February 8th. Finally, JPMorgan Chase & Co. cut their price target on Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating for the company in a report on Thursday. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $210.97.

Insider Activity

In other news, Director John D. Kasarda sold 15,944 shares of the company’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors have recently made changes to their positions in ODFL. Meridian Wealth Management LLC boosted its stake in Old Dominion Freight Line by 118.4% during the 3rd quarter. Meridian Wealth Management LLC now owns 1,284 shares of the transportation company’s stock valued at $525,000 after purchasing an additional 696 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Old Dominion Freight Line by 106.9% during the 3rd 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 during the last quarter. Koshinski Asset Management Inc. acquired a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at $673,000. CX Institutional acquired a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at $389,000. Finally, UMB Bank n.a. lifted its position in shares of Old Dominion Freight Line by 15.8% during the 3rd 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 during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Price Performance

The business has a 50-day moving average price of $220.65 and a 200 day moving average price of $206.61. The company has a market cap of $39.96 billion, a price-to-earnings ratio of 32.32, a P/E/G ratio of 2.80 and a beta of 1.02. The company has a current ratio of 2.29, a quick ratio of 2.10 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 24th. The transportation company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.01. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.47 billion. As a group, research analysts expect 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 $0.26 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.57%. Old Dominion Freight Line’s payout ratio is currently 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.