Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down to $220.48

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) gapped down before the market opened on Wednesday . The stock had previously closed at $220.48, but opened at $212.32. Old Dominion Freight Line shares last traded at $213.23, with a volume of 414,383 shares changing hands.

Analysts Set New Price Targets

ODFL has been the subject of several analyst reports. Stifel Nicolaus raised their target price on shares of Old Dominion Freight Line from $208.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Barclays dropped their price target on shares of Old Dominion Freight Line to $210.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 4th. Susquehanna upped their price objective on shares of Old Dominion Freight Line from $232.50 to $257.50 and gave the stock a “positive” rating in a research report on Thursday, February 8th. Bank of America reiterated a “neutral” rating and issued a $223.00 target price (up previously from $221.50) on shares of Old Dominion Freight Line in a research report on Wednesday, March 6th. Finally, The Goldman Sachs Group upped their price target on shares of Old Dominion Freight Line from $200.00 to $222.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $214.19.

Old Dominion Freight Line Trading Down 5.0 %

The firm has a market cap of $45.59 billion, a price-to-earnings ratio of 37.39, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.10 and a current ratio of 2.10. The company has a 50 day moving average price of $221.78 and a 200 day moving average price of $206.41.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, January 31st. The transportation company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.04. Old Dominion Freight Line had a net margin of 21.13% and a return on equity of 31.18%. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. Old Dominion Freight Line’s revenue for the quarter was up .3% compared to the same quarter last year. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 6.35 earnings per share for the current year.

Old Dominion Freight Line Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were issued a $0.26 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.04 annualized dividend and a yield of 0.50%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.47%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director John D. Kasarda sold 15,944 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total value of $3,524,819.80. Following the completion of the transaction, the director now directly owns 13,540 shares of the company’s stock, valued at approximately $2,993,355.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors have recently modified their holdings of ODFL. Norges Bank acquired a new position in Old Dominion Freight Line in the fourth quarter valued at $495,387,000. International Assets Investment Management LLC lifted its stake in shares of Old Dominion Freight Line by 39,016.7% in the fourth quarter. International Assets Investment Management LLC now owns 705,274 shares of the transportation company’s stock valued at $285,869,000 after purchasing an additional 703,471 shares during the period. Goldman Sachs Group Inc. grew its holdings in Old Dominion Freight Line by 117.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 761,387 shares of the transportation company’s stock valued at $195,129,000 after buying an additional 411,516 shares during the last quarter. Barclays PLC raised its stake in Old Dominion Freight Line by 118.5% in the 4th quarter. Barclays PLC now owns 546,680 shares of the transportation company’s stock valued at $221,584,000 after purchasing an additional 296,476 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Old Dominion Freight Line by 39,577.3% during the first quarter. Renaissance Technologies LLC now owns 277,741 shares of the transportation company’s stock worth $82,956,000 after acquiring an additional 277,041 shares during the last quarter. 77.82% of the stock is 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.