Citigroup Increases Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $241.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective increased by Citigroup from $201.00 to $241.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

ODFL has been the subject of a number of other research reports. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Stephens restated an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Argus downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday. Barclays lowered their price target on Old Dominion Freight Line from $195.00 to $190.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Finally, Susquehanna dropped their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $200.00.

Old Dominion Freight Line Stock Performance

Shares of ODFL traded down $6.18 during mid-day trading on Tuesday, hitting $217.25. 407,479 shares of the company’s stock were exchanged, compared to its average volume of 1,544,713. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a market cap of $46.38 billion, a price-to-earnings ratio of 39.06, a price-to-earnings-growth ratio of 6.36 and a beta of 0.99. The stock’s 50-day simple moving average is $200.71 and its 200-day simple moving average is $191.02. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the company posted $1.54 EPS. The company’s revenue was down 3.0% compared to the same quarter last year. On average, equities research analysts expect that Old Dominion Freight Line will post 5.46 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.48%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.18%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. This represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now directly owns 7,383 shares in the company, valued at $1,664,423.52. This represents a 28.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,975 shares of company stock worth $10,062,478 over the last ninety days. 9.90% of the stock is owned by insiders.

Institutional Trading of Old Dominion Freight Line

Several hedge funds have recently modified their holdings of ODFL. Integrated Wealth Concepts LLC increased its stake in Old Dominion Freight Line by 2.3% in the third quarter. Integrated Wealth Concepts LLC now owns 4,468 shares of the transportation company’s stock valued at $887,000 after purchasing an additional 101 shares in the last quarter. Investment Management Corp of Ontario grew its stake in shares of Old Dominion Freight Line by 50.8% in the 3rd quarter. Investment Management Corp of Ontario now owns 6,532 shares of the transportation company’s stock valued at $1,298,000 after buying an additional 2,200 shares during the period. Janus Henderson Group PLC boosted its holdings in Old Dominion Freight Line by 4.2% in the third quarter. Janus Henderson Group PLC now owns 22,671 shares of the transportation company’s stock worth $4,505,000 after acquiring an additional 917 shares in the last quarter. Hilltop Holdings Inc. bought a new position in Old Dominion Freight Line in the third quarter worth approximately $458,000. Finally, Chevy Chase Trust Holdings LLC raised its position in shares of Old Dominion Freight Line by 4.7% during the third quarter. Chevy Chase Trust Holdings LLC now owns 103,605 shares of the transportation company’s stock worth $20,580,000 after purchasing an additional 4,695 shares during the period. Institutional investors own 77.82% of the company’s stock.

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.