Stifel Nicolaus Downgrades Old Dominion Freight Line (NASDAQ:ODFL) to Hold

Stifel Nicolaus cut shares of Old Dominion Freight Line (NASDAQ:ODFL) from a buy rating to a hold rating in a research note published on Monday, Marketbeat Ratings reports. Stifel Nicolaus currently has $197.00 price objective on the transportation company’s stock, down from their previous price objective of $209.00.

Several other brokerages also recently issued reports on ODFL. Raymond James raised their price objective on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Susquehanna lifted their price target on shares of Old Dominion Freight Line from $210.00 to $225.00 and gave the company a “positive” rating in a research note on Wednesday, September 18th. The Goldman Sachs Group decreased their price target on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Stephens reaffirmed an “overweight” rating and set a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Finally, Morgan Stanley decreased their price target on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $196.39.

Old Dominion Freight Line Stock Up 1.7 %

Shares of NASDAQ ODFL opened at $191.81 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. The company has a market cap of $41.68 billion, a P/E ratio of 32.87, a PEG ratio of 4.20 and a beta of 0.99. Old Dominion Freight Line has a 1 year low of $165.49 and a 1 year high of $227.80. The firm has a 50-day simple moving average of $195.58 and a two-hundred day simple moving average of $190.85.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.01. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.54 earnings per share. Research analysts anticipate that Old Dominion Freight Line will post 5.56 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.54%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is currently 17.82%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The trade was a 0.00 % decrease in their ownership of the stock. 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, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares in the company, valued at $282,146,307.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of large investors have recently made changes to their positions in the stock. 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 during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Old Dominion Freight Line by 117.0% during the first 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 buying an additional 7,401,526 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Old Dominion Freight Line by 59.0% during the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after buying an additional 2,447,121 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Old Dominion Freight Line by 4.6% during the second quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after purchasing an additional 270,538 shares during the period. Finally, Capital World Investors lifted its position in 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 valued at $535,943,000 after purchasing an additional 1,228,116 shares during the period. 77.82% of the stock is 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 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.