BidaskClub upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a buy rating in a research report sent to investors on Friday.
A number of other equities research analysts have also issued reports on ODFL. Zacks Investment Research lowered shares of Old Dominion Freight Line from a buy rating to a hold rating in a report on Wednesday, April 25th. ValuEngine lowered shares of Old Dominion Freight Line from a buy rating to a hold rating in a report on Thursday, April 26th. Cowen reaffirmed a market perform rating and set a $145.00 price objective (up from $136.00) on shares of Old Dominion Freight Line in a report on Monday, April 30th. Argus initiated coverage on shares of Old Dominion Freight Line in a report on Wednesday, May 23rd. They set a buy rating and a $175.00 price objective for the company. Finally, KeyCorp increased their price objective on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the company an overweight rating in a report on Monday, July 2nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Old Dominion Freight Line has an average rating of Hold and a consensus target price of $146.62.
Old Dominion Freight Line stock opened at $148.58 on Friday. The company has a market capitalization of $12.02 billion, a P/E ratio of 33.86, a PEG ratio of 0.91 and a beta of 1.18. Old Dominion Freight Line has a 12-month low of $93.29 and a 12-month high of $164.10. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.02.
Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, July 26th. The transportation company reported $1.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.82 by $0.17. Old Dominion Freight Line had a net margin of 15.37% and a return on equity of 20.31%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the firm posted $1.19 EPS. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. analysts forecast that Old Dominion Freight Line will post 6.85 EPS for the current year.
Old Dominion Freight Line declared that its board has authorized a share repurchase plan on Thursday, May 17th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the transportation company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, September 6th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Wednesday, September 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 11.93%.
In related news, Director Leo H. Suggs sold 800 shares of the firm’s stock in a transaction on Wednesday, May 23rd. The shares were sold at an average price of $148.44, for a total value of $118,752.00. Following the completion of the transaction, the director now directly owns 5,679 shares of the company’s stock, valued at $842,990.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 12.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Financial Architects Inc purchased a new position in shares of Old Dominion Freight Line in the second quarter valued at $120,000. Signaturefd LLC grew its holdings in shares of Old Dominion Freight Line by 2,308.6% in the second quarter. Signaturefd LLC now owns 843 shares of the transportation company’s stock valued at $126,000 after purchasing an additional 808 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Old Dominion Freight Line in the second quarter valued at $145,000. Captrust Financial Advisors grew its holdings in shares of Old Dominion Freight Line by 4,831.8% in the second quarter. Captrust Financial Advisors now owns 1,085 shares of the transportation company’s stock valued at $162,000 after purchasing an additional 1,063 shares in the last quarter. Finally, Coldstream Capital Management Inc. bought a new stake in Old Dominion Freight Line in the first quarter worth $204,000. 71.98% 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 (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.
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