Old Dominion Freight Line (NASDAQ:ODFL) Receives New Coverage from Analysts at Citigroup

Citigroup began coverage on shares of Old Dominion Freight Line (NASDAQ:ODFL) in a research report released on Wednesday, Marketbeat.com reports. The firm issued a neutral rating and a $206.00 target price on the transportation company’s stock.

ODFL has been the subject of several other reports. TD Cowen decreased their price objective on Old Dominion Freight Line from $214.00 to $209.00 and set a hold rating for the company in a report on Friday, September 6th. Barclays cut their target price on Old Dominion Freight Line from $205.00 to $195.00 and set an equal weight rating on the stock in a research note on Wednesday, June 12th. Stephens reiterated an overweight rating and issued a $214.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Morgan Stanley cut their target price on Old Dominion Freight Line from $174.00 to $168.00 and set an equal weight rating on the stock in a research note on Monday, July 8th. Finally, Robert W. Baird lifted their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the company an outperform rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $200.83.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $199.58 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. The business has a 50-day moving average price of $194.85 and a 200 day moving average price of $193.42. The company has a market capitalization of $43.37 billion, a P/E ratio of 35.14, a PEG ratio of 4.06 and a beta of 0.99. Old Dominion Freight Line has a 1-year low of $165.49 and a 1-year high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.03. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 earnings per share. As a group, equities research analysts forecast that Old Dominion Freight Line will post 5.6 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is presently 18.31%.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Benjamin Edwards Inc. purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth approximately $25,000. Trust Co. of Vermont purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth approximately $27,000. Farmers & Merchants Investments Inc. increased its position in shares of Old Dominion Freight Line by 100.0% during the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares in the last quarter. Atwood & Palmer Inc. increased its position in shares of Old Dominion Freight Line by 3,700.0% during the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock worth $27,000 after purchasing an additional 148 shares in the last quarter. Finally, Raleigh Capital Management Inc. purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth approximately $29,000. 77.82% of the stock is owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.