Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Down 5.2% – Time to Sell?

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price traded down 5.2% during trading on Wednesday. The company traded as low as $171.56 and last traded at $177.3550. Approximately 1,011,368 shares were traded during trading, a decline of 49% from the average daily volume of 1,979,068 shares. The stock had previously closed at $187.03.

Analysts Set New Price Targets

Several brokerages have commented on ODFL. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $235.00 to $250.00 in a report on Wednesday, July 8th. Evercore restated an “outperform” rating and issued a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $244.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Truist Financial set a $230.00 target price on shares of Old Dominion Freight Line and gave the company a “buy” rating in a research report on Wednesday, October 7th. Finally, Susquehanna reduced their target price on shares of Old Dominion Freight Line from $232.00 to $202.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Ten equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $223.48.

Old Dominion Freight Line Stock Performance

The company has a market cap of $36.65 billion, a PE ratio of 34.00 and a beta of 1.20. The company’s 50-day simple moving average is $185.54 and its 200 day simple moving average is $201.46.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same period last year, the company earned $1.28 earnings per share. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.86 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, December 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.35%.

Insider Buying and Selling at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was 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 $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Old Dominion Freight Line during the second quarter valued at approximately $3,416,007,000. Bank of New York Mellon Corp acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $543,289,000. Legal & General Group Plc acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $253,155,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Old Dominion Freight Line by 14.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company’s stock worth $241,367,000 after purchasing an additional 142,809 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Old Dominion Freight Line by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,713 shares of the transportation company’s stock worth $215,808,000 after purchasing an additional 12,245 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.