Old Dominion Freight Line (NASDAQ:ODFL) Given “Hold” Rating at Benchmark

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

Several other research firms have also recently commented on ODFL. Susquehanna cut their price target on Old Dominion Freight Line from $245.00 to $210.00 and set a positive rating for the company in a report on Wednesday, June 12th. Robert W. Baird upped their target price 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. Stephens reiterated an overweight rating and set a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. JPMorgan Chase & Co. dropped their price objective on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a neutral rating for the company in a research note on Friday, September 6th. Finally, Morgan Stanley decreased their target price on shares of 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. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $201.00.

Old Dominion Freight Line Trading Down 1.2 %

Shares of Old Dominion Freight Line stock opened at $188.85 on Wednesday. Old Dominion Freight Line has a 1 year low of $165.49 and a 1 year high of $227.80. The company’s fifty day simple moving average is $194.63 and its 200-day simple moving average is $196.90. The company has a market cap of $41.03 billion, a price-to-earnings ratio of 33.25, a PEG ratio of 3.83 and a beta of 0.99. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01.

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

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is presently 18.31%.

Insider Activity

In related news, Chairman David S. Congdon sold 29,975 shares of the company’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 transaction, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on 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 transaction, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its position in shares of Old Dominion Freight Line by 8.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,962 shares of the transportation company’s stock worth $876,000 after buying an additional 395 shares during the period. Chevy Chase Trust Holdings LLC raised its position in shares of Old Dominion Freight Line by 98.3% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company’s stock valued at $22,127,000 after acquiring an additional 50,019 shares during the last quarter. Forsta AP Fonden lifted its stake in shares of Old Dominion Freight Line by 65.0% in the 1st quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company’s stock valued at $8,685,000 after purchasing an additional 15,600 shares during the period. Sei Investments Co. lifted its stake in shares of Old Dominion Freight Line by 98.6% in the 1st quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock valued at $9,471,000 after purchasing an additional 21,438 shares during the period. Finally, Diversified Trust Co boosted its position in shares of Old Dominion Freight Line by 162.9% in the 1st quarter. Diversified Trust Co now owns 7,350 shares of the transportation company’s stock worth $1,612,000 after purchasing an additional 4,554 shares during the last quarter. 77.82% of the stock is owned by 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.