Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Up Following Strong Earnings

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $183.66, but opened at $195.87. Old Dominion Freight Line shares last traded at $195.61, with a volume of 417,316 shares trading hands.

The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.28 per share. 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 dividend yield of 0.57%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.18%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ODFL shares. BMO Capital Markets decreased their target price on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. TD Cowen decreased their target price on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a research report on Thursday, October 24th. Robert W. Baird decreased their target price on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Stephens restated an “overweight” rating and issued a $240.00 price objective on shares of Old Dominion Freight Line in a report on Wednesday, December 4th. Finally, Jefferies Financial Group raised their price objective on Old Dominion Freight Line from $185.00 to $190.00 and gave the company a “hold” rating in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $202.44.

Insider Activity

In related news, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $225.44, for a total transaction of $676,320.00. Following the completion of the sale, the director now owns 7,383 shares in the company, valued at $1,664,423.52. The trade was a 28.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors have recently added to or reduced their stakes in the business. SevenBridge Financial Group LLC increased its position in Old Dominion Freight Line by 2.0% during the third quarter. SevenBridge Financial Group LLC now owns 2,611 shares of the transportation company’s stock worth $519,000 after buying an additional 50 shares during the period. Advisors Asset Management Inc. grew its holdings in Old Dominion Freight Line by 0.5% during the third quarter. Advisors Asset Management Inc. now owns 10,888 shares of the transportation company’s stock worth $2,163,000 after acquiring an additional 55 shares during the period. Hantz Financial Services Inc. grew its holdings in Old Dominion Freight Line by 3.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,568 shares of the transportation company’s stock worth $277,000 after acquiring an additional 55 shares during the period. D.A. Davidson & CO. boosted its position in Old Dominion Freight Line by 1.9% during the fourth quarter. D.A. Davidson & CO. now owns 2,888 shares of the transportation company’s stock worth $509,000 after purchasing an additional 55 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its position in Old Dominion Freight Line by 0.7% during the fourth quarter. Kestra Private Wealth Services LLC now owns 9,454 shares of the transportation company’s stock worth $1,668,000 after purchasing an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a 50-day simple moving average of $191.82 and a 200 day simple moving average of $197.73. The company has a market capitalization of $41.73 billion, a PE ratio of 34.20, a P/E/G ratio of 4.95 and a beta of 1.05.

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.