Old Dominion Freight Line (NASDAQ:ODFL) Sets New 52-Week Low on Analyst Downgrade

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price reached a new 52-week low on Wednesday after Jefferies Financial Group lowered their price target on the stock from $195.00 to $165.00. Jefferies Financial Group currently has a hold rating on the stock. Old Dominion Freight Line traded as low as $145.79 and last traded at $147.19, with a volume of 362112 shares. The stock had previously closed at $148.34.

Several other research analysts have also commented on the company. Morgan Stanley set a $185.00 price target on Old Dominion Freight Line in a research report on Wednesday, April 2nd. Bank of America dropped their target price on Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Wells Fargo & Company reduced their price target on shares of Old Dominion Freight Line from $185.00 to $160.00 and set an “underweight” rating on the stock in a research report on Thursday, March 27th. Raymond James lowered their price objective on shares of Old Dominion Freight Line from $215.00 to $190.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, StockNews.com lowered shares of Old Dominion Freight Line from a “hold” rating to a “sell” rating in a report on Saturday, March 29th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $195.75.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Avanza Fonder AB purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $3,741,000. AustralianSuper Pty Ltd purchased a new position in Old Dominion Freight Line during the 4th quarter worth approximately $128,221,000. Toronto Dominion Bank increased its position in Old Dominion Freight Line by 77.7% during the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock worth $19,479,000 after buying an additional 42,880 shares during the period. Blueshift Asset Management LLC purchased a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $630,000. Finally, Board of the Pension Protection Fund acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $600,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Up 11.6 %

The business’s 50-day moving average price is $176.54 and its 200-day moving average price is $191.09. The firm has a market capitalization of $35.17 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 2.89 and a beta of 1.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.28 dividend. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 0.68%. The ex-dividend date was Wednesday, March 5th. Old Dominion Freight Line’s payout ratio is currently 18.98%.

Old Dominion Freight Line Company Profile

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.