Old Dominion Freight Line, Inc. (NASDAQ:ODFL) to Issue $0.29 Quarterly Dividend

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) declared a quarterly dividend on Thursday, May 21st. Stockholders of record on Wednesday, June 3rd will be given a dividend of 0.29 per share by the transportation company on Wednesday, June 17th. This represents a c) dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, June 3rd.

Old Dominion Freight Line has raised its dividend by an average of 0.3%annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Old Dominion Freight Line has a dividend payout ratio of 19.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Old Dominion Freight Line to earn $6.24 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 18.6%.

Old Dominion Freight Line Trading Down 1.0%

NASDAQ ODFL opened at $207.69 on Friday. The company’s 50-day moving average price is $200.65 and its 200-day moving average price is $179.03. The stock has a market cap of $43.19 billion, a PE ratio of 43.45, a PEG ratio of 4.30 and a beta of 1.17. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 earnings per share. As a group, sell-side analysts forecast that Old Dominion Freight Line will post 5.32 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. Stephens reiterated an “overweight” rating and set a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Morgan Stanley set a $235.00 target price on shares of Old Dominion Freight Line and gave the stock an “overweight” rating in a report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $206.29.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.