Citigroup Issues Pessimistic Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its target price cut by Citigroup from $205.00 to $186.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

Several other equities analysts have also issued reports on the company. Evercore ISI boosted their price target on Old Dominion Freight Line from $199.00 to $202.00 and gave the company an “in-line” rating in a research note on Thursday, February 6th. Wells Fargo & Company lowered their target price on Old Dominion Freight Line from $195.00 to $185.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. JPMorgan Chase & Co. upped their target price on Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Stephens reaffirmed an “overweight” rating and set a $240.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 6th. Finally, StockNews.com raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $200.67.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $177.58 on Tuesday. Old Dominion Freight Line has a 52-week low of $165.49 and a 52-week high of $233.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. The business’s 50 day moving average price is $187.17 and its two-hundred day moving average price is $196.79. The firm has a market cap of $37.74 billion, a PE ratio of 32.41, a price-to-earnings-growth ratio of 2.89 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. On average, equities analysts anticipate that Old Dominion Freight Line will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.28 dividend. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio is presently 18.98%.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently bought and sold shares of ODFL. Avanza Fonder AB purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at $3,741,000. AustralianSuper Pty Ltd purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at $128,221,000. Toronto Dominion Bank increased its position in shares of Old Dominion Freight Line by 77.7% during the 3rd quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock valued at $19,479,000 after purchasing an additional 42,880 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at $600,000. Finally, Reliant Investment Management LLC increased its position in shares of Old Dominion Freight Line by 10.4% during the 4th quarter. Reliant Investment Management LLC now owns 21,850 shares of the transportation company’s stock valued at $3,854,000 after purchasing an additional 2,060 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

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.