Citigroup Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $340.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price reduced by Citigroup from $350.00 to $340.00 in a research report released on Wednesday morning, The Fly reports.

ODFL has been the subject of a number of other reports. Stephens boosted their price objective on shares of Old Dominion Freight Line from $360.00 to $385.00 in a report on Tuesday, January 4th. Wells Fargo & Company boosted their price objective on shares of Old Dominion Freight Line from $264.00 to $301.00 and gave the stock an equal weight rating in a report on Thursday, October 14th. Benchmark began coverage on shares of Old Dominion Freight Line in a report on Friday, December 3rd. They issued a hold rating for the company. Stifel Nicolaus boosted their price objective on shares of Old Dominion Freight Line from $262.00 to $287.00 and gave the stock a hold rating in a report on Thursday, October 28th. Finally, Susquehanna Bancshares assumed coverage on shares of Old Dominion Freight Line in a report on Thursday, December 9th. They issued a neutral rating and a $395.00 price objective for the company. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $313.90.

Old Dominion Freight Line stock opened at $316.12 on Wednesday. The stock’s 50 day simple moving average is $349.48 and its two-hundred day simple moving average is $308.71. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.39 and a current ratio of 2.39. The stock has a market cap of $36.36 billion, a price-to-earnings ratio of 39.08, a PEG ratio of 1.13 and a beta of 1.01. Old Dominion Freight Line has a fifty-two week low of $192.76 and a fifty-two week high of $373.58.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 27th. The transportation company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.10. Old Dominion Freight Line had a return on equity of 28.35% and a net margin of 19.22%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the previous year, the firm posted $1.71 EPS. The business’s revenue for the quarter was up 32.3% compared to the same quarter last year. On average, analysts predict that Old Dominion Freight Line will post 8.71 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st were issued a $0.20 dividend. The ex-dividend date was Tuesday, November 30th. This represents a $0.80 annualized dividend and a yield of 0.25%. Old Dominion Freight Line’s payout ratio is 9.89%.

In other news, Chairman David S. Congdon sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, November 18th. The shares were sold at an average price of $353.66, for a total value of $6,012,220.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 1st. The shares were sold at an average price of $345.03, for a total transaction of $1,035,090.00. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Several institutional investors have recently modified their holdings of ODFL. Moors & Cabot Inc. boosted its stake in Old Dominion Freight Line by 1,988.6% during the 3rd quarter. Moors & Cabot Inc. now owns 25,000 shares of the transportation company’s stock worth $26,000 after purchasing an additional 23,803 shares during the period. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $28,000. Ancora Advisors LLC purchased a new position in Old Dominion Freight Line during the 3rd quarter valued at about $29,000. Carroll Financial Associates Inc. purchased a new position in Old Dominion Freight Line during the 4th quarter valued at about $29,000. Finally, Clearstead Advisors LLC boosted its stake in shares of Old Dominion Freight Line by 1,828.6% during the 3rd quarter. Clearstead Advisors LLC now owns 135 shares of the transportation company’s stock worth $39,000 after purchasing an additional 128 shares during the last quarter. Institutional investors and hedge funds own 71.02% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc engages in the provision of less-than-truckload services. The firm involves in the ground and air expedited transportation and consumer household pickup and delivery. Its services include container drayage, truckload brokerage, supply chain consulting and warehousing. The company was founded by Earl Congdon Sr.

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