Old Dominion Freight Line (NASDAQ:ODFL) Price Target Increased to $473.00 by Analysts at Bank of America

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective lifted by Bank of America from $471.00 to $473.00 in a report published on Thursday, FlyOnTheWall reports.

Several other equities research analysts also recently issued reports on ODFL. 3M reaffirmed a maintains rating on shares of Old Dominion Freight Line in a report on Friday, June 30th. Morgan Stanley dropped their target price on Old Dominion Freight Line from $334.00 to $332.00 in a report on Thursday, July 6th. Credit Suisse Group lifted their target price on Old Dominion Freight Line from $304.00 to $375.00 in a report on Thursday, July 27th. VNET Group reissued a maintains rating on shares of Old Dominion Freight Line in a report on Friday, June 30th. Finally, Citigroup lifted their target price on Old Dominion Freight Line from $340.00 to $376.00 and gave the stock a neutral rating in a report on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $369.70.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $421.25 on Thursday. The business has a 50 day simple moving average of $403.30 and a 200 day simple moving average of $354.60. Old Dominion Freight Line has a 52-week low of $240.00 and a 52-week high of $438.05. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market cap of $46.03 billion, a price-to-earnings ratio of 36.60, a PEG ratio of 5.13 and a beta of 1.12.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.02. Old Dominion Freight Line had a net margin of 21.49% and a return on equity of 34.58%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business earned $3.30 EPS. The business’s quarterly revenue was down 15.2% on a year-over-year basis. Analysts anticipate that Old Dominion Freight Line will post 10.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date is Tuesday, September 5th. Old Dominion Freight Line’s payout ratio is presently 13.90%.

Old Dominion Freight Line declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 26th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the transportation company to reacquire up to 6.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Thomas A. Stith III sold 225 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $411.66, for a total value of $92,623.50. Following the completion of the transaction, the director now owns 1,342 shares in the company, valued at $552,447.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Old Dominion Freight Line news, SVP Steven W. Hartsell sold 403 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $405.33, for a total transaction of $163,347.99. Following the completion of the sale, the senior vice president now owns 491 shares of the company’s stock, valued at $199,017.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas A. Stith III sold 225 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $411.66, for a total value of $92,623.50. Following the sale, the director now directly owns 1,342 shares of the company’s stock, valued at approximately $552,447.72. The disclosure for this sale can be found here. 10.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Large investors have recently made changes to their positions in the business. First Capital Advisors Group LLC. purchased a new stake in Old Dominion Freight Line during the second quarter valued at approximately $35,000. CoreCap Advisors LLC purchased a new stake in Old Dominion Freight Line during the fourth quarter valued at approximately $30,000. Jones Financial Companies Lllp raised its position in Old Dominion Freight Line by 3,566.7% during the first quarter. Jones Financial Companies Lllp now owns 110 shares of the transportation company’s stock valued at $37,000 after purchasing an additional 107 shares during the period. State of Wyoming purchased a new stake in Old Dominion Freight Line during the second quarter valued at approximately $42,000. Finally, GPS Wealth Strategies Group LLC purchased a new stake in Old Dominion Freight Line during the first quarter valued at approximately $40,000. 72.14% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.