Benchmark Reiterates “Hold” Rating for Old Dominion Freight Line (NASDAQ:ODFL)

Benchmark restated their hold rating on shares of Old Dominion Freight Line (NASDAQ:ODFL) in a report published on Wednesday morning, Benzinga reports.

ODFL has been the topic of several other research reports. TD Cowen dropped their price objective on Old Dominion Freight Line from $214.00 to $209.00 and set a hold rating on the stock in a research note on Friday, September 6th. Robert W. Baird increased their price target on Old Dominion Freight Line from $205.00 to $215.00 and gave the company an outperform rating in a research note on Thursday, July 25th. Wells Fargo & Company cut their price target on Old Dominion Freight Line from $175.00 to $170.00 and set an underweight rating for the company in a report on Thursday, September 5th. Bank of America decreased their price objective on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a neutral rating on the stock in a report on Friday, September 6th. Finally, Morgan Stanley cut their target price on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an equal weight rating for the company in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of Hold and a consensus target price of $201.00.

Old Dominion Freight Line Trading Up 0.7 %

NASDAQ ODFL opened at $192.61 on Wednesday. Old Dominion Freight Line has a 12 month low of $165.49 and a 12 month high of $227.80. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average of $195.01 and a 200-day moving average of $196.48. The company has a market cap of $41.85 billion, a PE ratio of 33.91, a PEG ratio of 3.92 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last announced 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. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 earnings per share. On average, equities research analysts anticipate that Old Dominion Freight Line will post 5.64 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared 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 0.54%. The ex-dividend date of this dividend is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction dated 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 completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, 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. Insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Old Dominion Freight Line by 100.9% in the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after purchasing an additional 10,944,520 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Old Dominion Freight Line by 117.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after acquiring an additional 7,401,526 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Old Dominion Freight Line by 94.6% during the first quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock worth $1,302,786,000 after acquiring an additional 2,888,205 shares in the last quarter. Capital Research Global Investors raised its stake in Old Dominion Freight Line by 59.0% during the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after acquiring an additional 2,447,121 shares in the last quarter. Finally, Capital World Investors lifted its holdings in shares of Old Dominion Freight Line by 101.0% in the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after acquiring an additional 1,228,116 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

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.