JPMorgan Chase & Co. Increases Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $193.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective boosted by JPMorgan Chase & Co. from $176.00 to $193.00 in a research note published on Thursday 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 reports. UBS Group increased their price objective on Old Dominion Freight Line from $202.00 to $205.00 and gave the stock a neutral rating in a report on Thursday, April 25th. Susquehanna lowered their price target on Old Dominion Freight Line from $245.00 to $210.00 and set a positive rating on the stock in a report on Wednesday, June 12th. Barclays reduced their price objective on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an equal weight rating for the company in a report on Wednesday, June 12th. Baird R W upgraded shares of Old Dominion Freight Line from a hold rating to a strong-buy rating in a research report on Wednesday, May 8th. Finally, Vertical Research upgraded shares of Old Dominion Freight Line from a sell rating to a hold rating and set a $175.00 price target on the stock in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of Hold and an average price target of $202.78.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $202.93 on Thursday. Old Dominion Freight Line has a 1 year low of $165.49 and a 1 year high of $227.80. The stock has a market capitalization of $44.09 billion, a price-to-earnings ratio of 35.73, a PEG ratio of 3.89 and a beta of 1.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.29 and a current ratio of 1.46. The stock’s fifty day moving average is $180.27 and its two-hundred day moving average is $198.82.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the firm posted $1.33 EPS. Old Dominion Freight Line’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line will post 5.73 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.51%. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ODFL. Vanguard Group Inc. grew its holdings in shares of Old Dominion Freight Line by 100.9% during the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after buying an additional 10,944,520 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Old Dominion Freight Line by 117.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after acquiring an additional 7,401,526 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Old Dominion Freight Line by 94.6% in the 1st quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock valued at $1,302,786,000 after purchasing an additional 2,888,205 shares during the period. Capital Research Global Investors lifted its position in shares of Old Dominion Freight Line by 59.0% in the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after purchasing an additional 2,447,121 shares in the last quarter. Finally, Capital World Investors boosted its holdings in shares of Old Dominion Freight Line by 101.0% during the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after purchasing an additional 1,228,116 shares during the period. Institutional investors and hedge funds 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.