Old Dominion Freight Line (NASDAQ:ODFL) Shares Down 5% Following Analyst Downgrade

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price dropped 5% during mid-day trading on Friday after TD Cowen lowered their price target on the stock from $209.00 to $206.00. TD Cowen currently has a hold rating on the stock. Old Dominion Freight Line traded as low as $181.30 and last traded at $186.92. Approximately 658,071 shares changed hands during trading, a decline of 52% from the average daily volume of 1,378,705 shares. The stock had previously closed at $196.66.

Other analysts have also issued research reports about the company. Stifel Nicolaus increased their target price on Old Dominion Freight Line from $208.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. UBS Group upped their target price on shares of Old Dominion Freight Line from $202.00 to $205.00 and gave the stock a “neutral” rating in a research note on Thursday. Susquehanna lifted their price target on shares of Old Dominion Freight Line from $232.50 to $257.50 and gave the company a “positive” rating in a research note on Thursday, February 8th. Bank of America dropped their price objective on Old Dominion Freight Line from $223.00 to $205.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Raymond James raised their price objective on Old Dominion Freight Line from $207.50 to $233.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $210.97.

Insider Transactions at Old Dominion Freight Line

In related news, Director John D. Kasarda sold 15,944 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $221.08, for a total value of $3,524,819.80. Following the sale, the director now owns 13,540 shares in the company, valued at approximately $2,993,355.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ODFL. Fortitude Family Office LLC acquired a new position in shares of Old Dominion Freight Line in the fourth quarter worth $27,000. Trust Co. of Vermont purchased a new position in Old Dominion Freight Line in the fourth quarter valued at $27,000. Raleigh Capital Management Inc. acquired a new position in Old Dominion Freight Line during the 4th quarter worth $29,000. Headinvest LLC purchased a new stake in Old Dominion Freight Line during the 3rd quarter worth about $30,000. Finally, Sound Income Strategies LLC acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

The stock has a 50-day moving average price of $220.06 and a 200 day moving average price of $206.41. The firm has a market capitalization of $39.71 billion, a price-to-earnings ratio of 32.12, a P/E/G ratio of 2.80 and a beta of 1.02. The company has a quick ratio of 2.10, a current ratio of 2.29 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 24th. The transportation company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.01. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.47 billion. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 6.35 EPS for the current year.

Old Dominion Freight Line Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.57%. Old Dominion Freight Line’s payout ratio is currently 18.31%.

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.