Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Down 4.9% – Here’s Why

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was down 4.9% during trading on Wednesday . The company traded as low as $186.11 and last traded at $189.68. Approximately 1,307,911 shares traded hands during trading, a decline of 15% from the average daily volume of 1,537,689 shares. The stock had previously closed at $199.55.

Analysts Set New Price Targets

A number of research analysts have recently commented on ODFL shares. Morgan Stanley dropped their price target on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a research report on Monday, July 8th. Stifel Nicolaus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and dropped their price target for the company from $209.00 to $197.00 in a research report on Monday. The Goldman Sachs Group dropped their price target on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. BMO Capital Markets dropped their price target on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday. Finally, Bank of America dropped their price objective on 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. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average target price of $196.39.

Old Dominion Freight Line Price Performance

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 stock has a market capitalization of $42.98 billion, a P/E ratio of 32.87, a price-to-earnings-growth ratio of 4.20 and a beta of 0.99. The firm has a 50-day moving average price of $195.58 and a 200 day moving average price of $190.85.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.42 by $0.01. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.54 EPS. On average, analysts expect that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 17.82%.

Insider Activity

In other 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 transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related 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 transaction of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman David S. Congdon sold 29,975 shares of the 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 owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors have recently bought and sold shares of ODFL. Vanguard Group Inc. boosted its holdings in Old Dominion Freight Line by 100.9% during 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 acquiring an additional 10,944,520 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Old Dominion Freight Line by 117.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock worth $3,010,435,000 after buying an additional 7,401,526 shares during the period. Capital Research Global Investors lifted its holdings in Old Dominion Freight Line by 59.0% in the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after buying an additional 2,447,121 shares during the period. Capital World Investors lifted its holdings in Old Dominion Freight Line by 101.0% in the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after buying an additional 1,228,116 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Old Dominion Freight Line by 283.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,103,558 shares of the transportation company’s stock worth $242,021,000 after buying an additional 815,817 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.