Old Dominion Freight Line (NASDAQ:ODFL) Price Target Cut to $209.00 by Analysts at TD Cowen

Old Dominion Freight Line (NASDAQ:ODFL) had its target price decreased by TD Cowen from $214.00 to $209.00 in a report released on Friday morning, MarketBeat reports. TD Cowen currently has a hold rating on the transportation company’s stock.

ODFL has been the topic of several other reports. Evercore ISI reissued an in-line rating and set a $196.00 price target (down from $225.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 25th. Stephens restated an overweight rating and issued a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Raymond James increased their price target on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the company an outperform rating in a report on Thursday, July 25th. BMO Capital Markets raised their price target on shares of Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. Finally, Benchmark reiterated a hold rating on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of Hold and a consensus target price of $201.00.

Old Dominion Freight Line Stock Up 2.7 %

Shares of NASDAQ:ODFL opened at $189.78 on Friday. The company has a 50 day moving average price of $194.31 and a two-hundred day moving average price of $197.16. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market capitalization of $41.24 billion, a PE ratio of 33.41, a PEG ratio of 3.83 and a beta of 0.99. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company posted $1.33 earnings per share. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line will post 5.65 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is 18.31%.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares in the company, valued at $282,146,307.30. The disclosure for this sale can be found here. 9.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors and hedge funds have recently added to or reduced their stakes in ODFL. Sanctuary Advisors LLC bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at about $6,836,000. Clearbridge Investments LLC lifted its stake in shares of Old Dominion Freight Line by 39.1% in the second quarter. Clearbridge Investments LLC now owns 698,154 shares of the transportation company’s stock worth $123,294,000 after acquiring an additional 196,350 shares during the period. Heartland Bank & Trust Co lifted its stake in shares of Old Dominion Freight Line by 101.5% in the second quarter. Heartland Bank & Trust Co now owns 3,136 shares of the transportation company’s stock worth $554,000 after acquiring an additional 1,580 shares during the period. IMS Capital Management bought a new stake in Old Dominion Freight Line in the second quarter valued at approximately $378,000. Finally, Truist Financial Corp lifted its position in shares of Old Dominion Freight Line by 7.6% in the 2nd quarter. Truist Financial Corp now owns 106,193 shares of the transportation company’s stock worth $18,754,000 after purchasing an additional 7,460 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 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.