Raymond James Raises Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $233.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective raised by Raymond James from $207.50 to $233.00 in a report issued on Monday, Benzinga reports. The firm currently has an outperform rating on the transportation company’s stock.

A number of other brokerages also recently issued reports on ODFL. The Goldman Sachs Group upped their price objective on Old Dominion Freight Line from $200.00 to $222.00 and gave the company a neutral rating in a research note on Thursday, February 8th. Stifel Nicolaus upped their price objective on Old Dominion Freight Line from $208.00 to $217.00 and gave the company a buy rating in a research note on Wednesday, January 10th. JPMorgan Chase & Co. reduced their price objective on Old Dominion Freight Line from $233.00 to $231.00 and set a neutral rating for the company in a research note on Tuesday, April 9th. Susquehanna upped their price objective on Old Dominion Freight Line from $232.50 to $257.50 and gave the company a positive rating in a research note on Thursday, February 8th. Finally, Bank of America restated a neutral rating and issued a $223.00 price objective (up previously from $221.50) on shares of Old Dominion Freight Line in a research note on Wednesday, March 6th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $214.19.

Old Dominion Freight Line Trading Down 4.4 %

Shares of Old Dominion Freight Line stock opened at $210.81 on Monday. The stock has a fifty day simple moving average of $221.68 and a 200 day simple moving average of $206.44. Old Dominion Freight Line has a 12-month low of $147.90 and a 12-month high of $227.80. The company has a market capitalization of $45.89 billion, a P/E ratio of 37.44, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, January 31st. The transportation company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.04. Old Dominion Freight Line had a return on equity of 31.18% and a net margin of 21.13%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate 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 was up .3% compared to the same quarter last year. On average, sell-side analysts anticipate that Old Dominion Freight Line will post 6.35 earnings per share for the current fiscal year.

Old Dominion Freight Line Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.47%.

Insider Buying and Selling

In related news, Director John D. Kasarda sold 15,944 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total transaction of $3,524,819.80. Following the sale, the director now owns 13,540 shares of the company’s stock, valued at approximately $2,993,355.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.40% of the stock is currently owned by insiders.

Institutional Trading of Old Dominion Freight Line

Institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $27,000. Trust Co. of Vermont purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $27,000. Raleigh Capital Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $29,000. Headinvest LLC purchased a new stake in shares of Old Dominion Freight Line in the 3rd quarter valued at about $30,000. Finally, Sound Income Strategies LLC purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $34,000. Hedge funds and other 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.