Old Dominion Freight Line (NASDAQ:ODFL) Hits New 1-Year High – Still a Buy?

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $208.95 and last traded at $205.3060, with a volume of 807035 shares changing hands. The stock had previously closed at $203.05.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Jefferies Financial Group upped their price objective on shares of Old Dominion Freight Line from $195.00 to $210.00 and gave the company a “hold” rating in a research note on Tuesday. Susquehanna reiterated a “neutral” rating and set a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Robert W. Baird cut Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and boosted their price target for the company from $166.00 to $204.00 in a research report on Thursday, February 5th. Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a research report on Thursday, January 8th. Finally, Zacks Research upgraded Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $190.50.

Old Dominion Freight Line Stock Performance

The stock has a market capitalization of $44.91 billion, a PE ratio of 44.61, a P/E/G ratio of 10.36 and a beta of 1.23. The company’s fifty day simple moving average is $181.08 and its two-hundred day simple moving average is $156.93.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.23 EPS. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is currently 23.19%.

Insider Transactions at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the sale, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 80,134 shares of company stock worth $15,640,132 in the last three months. Company insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of large investors have recently bought and sold shares of the business. Financial Gravity Companies Inc. bought a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 123 shares in the last quarter. Westside Investment Management Inc. increased its stake in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 98 shares during the period. Reflection Asset Management bought a new stake in Old Dominion Freight Line during the fourth quarter worth approximately $28,000. Finally, DT Investment Partners LLC raised its holdings in Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.