Morgan Stanley set a $144.00 price target on Old Dominion Freight Line (NASDAQ:ODFL) in a research report sent to investors on Monday, Stock Target Advisor reports. The brokerage currently has a hold rating on the transportation company’s stock.
A number of other brokerages have also recently weighed in on ODFL. Mizuho initiated coverage on shares of Merck & Co., Inc. in a research report on Tuesday, July 2nd. They set a buy rating and a $97.00 price target for the company. Seaport Global Securities reiterated a neutral rating on shares of YRC Worldwide in a research report on Friday, April 5th. Zacks Investment Research cut shares of Ferroglobe from a hold rating to a sell rating in a research report on Monday, March 11th. Bank of America set a $7.00 price target on shares of CannTrust and gave the company a buy rating in a research report on Thursday, June 20th. Finally, ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research report on Monday, May 13th. Eleven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $148.45.
Shares of ODFL stock opened at $142.80 on Monday. Old Dominion Freight Line has a 12 month low of $115.00 and a 12 month high of $170.22. The stock has a market capitalization of $11.38 billion, a P/E ratio of 19.35, a PEG ratio of 2.35 and a beta of 1.48. The stock’s 50-day moving average price is $141.82. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.02.
Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Thursday, April 25th. The transportation company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.06. Old Dominion Freight Line had a net margin of 15.32% and a return on equity of 23.87%. The business had revenue of $990.78 million during the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the business earned $1.33 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, analysts anticipate that Old Dominion Freight Line will post 7.96 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Tuesday, June 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 9.21%.
Old Dominion Freight Line declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 16th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the transportation company to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in ODFL. Cordasco Financial Network grew its holdings in shares of Old Dominion Freight Line by 77.2% in the second quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares in the last quarter. Ranger Investment Management L.P. acquired a new position in Old Dominion Freight Line during the 4th quarter worth approximately $36,000. JOYN Advisors Inc. grew its holdings in Old Dominion Freight Line by 58.2% during the 4th quarter. JOYN Advisors Inc. now owns 299 shares of the transportation company’s stock worth $37,000 after acquiring an additional 110 shares in the last quarter. CWM LLC grew its holdings in Old Dominion Freight Line by 42.5% during the 1st quarter. CWM LLC now owns 258 shares of the transportation company’s stock worth $37,000 after acquiring an additional 77 shares in the last quarter. Finally, Valeo Financial Advisors LLC acquired a new position in Old Dominion Freight Line during the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 71.24% of the company’s stock.
Old Dominion Freight Line Company Profile
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 expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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