Old Dominion Freight Line (NASDAQ:ODFL) Price Target Cut to $232.00 by Analysts at JPMorgan Chase & Co.

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective reduced by JPMorgan Chase & Co. from $250.00 to $232.00 in a research report report published on Monday,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

Several other research analysts have also recently issued reports on ODFL. Susquehanna dropped their target price on Old Dominion Freight Line from $232.00 to $202.00 and set a “neutral” rating on the stock in a research report on Friday. Weiss Ratings lowered shares of Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Jefferies Financial Group reissued a “hold” rating and issued a $227.00 price objective (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Argus boosted their target price on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Finally, Sanford C. Bernstein assumed coverage on shares of Old Dominion Freight Line in a report on Thursday, September 10th. They set a “market perform” rating and a $200.00 target price for the company. Ten analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $225.57.

Old Dominion Freight Line Trading Down 0.6%

Shares of ODFL opened at $179.37 on Monday. The firm has a fifty day simple moving average of $194.69 and a two-hundred day simple moving average of $207.95. The firm has a market cap of $37.19 billion, a PE ratio of 34.56, a P/E/G ratio of 3.02 and a beta of 1.20. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the business posted $1.27 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. As a group, research analysts forecast that Old Dominion Freight Line will post 5.79 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is currently 22.35%.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of hedge funds have recently modified their holdings of the company. Baker Tilly Wealth Management LLC increased its stake in shares of Old Dominion Freight Line by 4.5% in the third quarter. Baker Tilly Wealth Management LLC now owns 2,453 shares of the transportation company’s stock worth $426,000 after purchasing an additional 105 shares in the last quarter. CX Institutional lifted its stake in shares of Old Dominion Freight Line by 4,403.9% during the 3rd quarter. CX Institutional now owns 43,012 shares of the transportation company’s stock valued at $7,477,000 after buying an additional 42,057 shares in the last quarter. QRG Capital Management Inc. lifted its stake in shares of Old Dominion Freight Line by 10.3% during the 2nd quarter. QRG Capital Management Inc. now owns 22,558 shares of the transportation company’s stock valued at $4,886,000 after buying an additional 2,102 shares in the last quarter. Andra AP fonden bought a new position in Old Dominion Freight Line in the 2nd quarter worth $1,166,000. Finally, Tidal Investments LLC boosted its holdings in Old Dominion Freight Line by 249.8% in the 2nd quarter. Tidal Investments LLC now owns 81,588 shares of the transportation company’s stock worth $17,672,000 after buying an additional 58,264 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.