Argus assumed coverage on shares of Old Dominion Freight Line (NASDAQ:ODFL) in a research note published on Wednesday, May 23rd, MarketBeat Ratings reports. The brokerage issued a buy rating and a $175.00 price objective on the transportation company’s stock.
Several other brokerages also recently commented on ODFL. BidaskClub raised Old Dominion Freight Line from a buy rating to a strong-buy rating in a research report on Friday, May 11th. ValuEngine upgraded Old Dominion Freight Line from a hold rating to a buy rating in a report on Tuesday, April 3rd. Bank of America upped their target price on Old Dominion Freight Line from $127.00 to $133.00 and gave the stock an underperform rating in a report on Thursday, March 8th. Zacks Investment Research upgraded Old Dominion Freight Line from a hold rating to a buy rating and set a $160.00 price objective for the company in a research note on Thursday, April 12th. Finally, Goldman Sachs Group assumed coverage on Old Dominion Freight Line in a research note on Tuesday, April 10th. They set a neutral rating and a $144.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Old Dominion Freight Line presently has an average rating of Hold and a consensus price target of $142.00.
NASDAQ:ODFL traded down $1.67 during trading hours on Wednesday, reaching $160.28. The stock had a trading volume of 755,858 shares, compared to its average volume of 612,027. The company has a market cap of $13.29 billion, a price-to-earnings ratio of 36.76, a PEG ratio of 1.08 and a beta of 1.21. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.78 and a quick ratio of 1.78. Old Dominion Freight Line has a 52 week low of $90.62 and a 52 week high of $164.10.
Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, April 26th. The transportation company reported $1.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.03. The firm had revenue of $925.02 million for the quarter, compared to the consensus estimate of $925.83 million. Old Dominion Freight Line had a return on equity of 18.47% and a net margin of 14.38%. The company’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 EPS. analysts anticipate that Old Dominion Freight Line will post 6.42 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, June 6th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date is Tuesday, June 5th. Old Dominion Freight Line’s dividend payout ratio is presently 11.93%.
Old Dominion Freight Line announced that its board has approved a stock repurchase program on Thursday, May 17th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the transportation company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Leo H. Suggs sold 800 shares of the firm’s stock in a transaction dated Wednesday, May 23rd. The stock was sold at an average price of $148.44, for a total transaction of $118,752.00. Following the sale, the director now directly owns 5,679 shares of the company’s stock, valued at $842,990.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.00% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of ODFL. Schwab Charles Investment Management Inc. boosted its position in Old Dominion Freight Line by 5.8% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 242,282 shares of the transportation company’s stock worth $31,873,000 after purchasing an additional 13,382 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $132,000. Westpac Banking Corp purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $523,000. Acadian Asset Management LLC purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $4,898,000. Finally, Oakbrook Investments LLC purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $329,000. Institutional investors own 71.78% of the company’s stock.
About Old Dominion Freight Line
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.
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