Old Dominion Freight Line (NASDAQ:ODFL) Reaches New 12-Month Low – Here’s Why

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $159.11 and last traded at $166.12, with a volume of 1602555 shares traded. The stock had previously closed at $162.50.

Analyst Ratings Changes

A number of brokerages have recently commented on ODFL. Citigroup dropped their price target on Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Bank of America decreased their price objective on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Evercore ISI boosted their price objective on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. boosted their price objective on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Old Dominion Freight Line from $195.00 to $185.00 and set an “underweight” rating for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $202.65.

Old Dominion Freight Line Price Performance

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $34.53 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. The firm has a 50 day moving average price of $185.00 and a 200 day moving average price of $194.72.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.12 annualized dividend and a yield of 0.69%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio is currently 18.98%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ODFL. Norges Bank bought a new position in Old Dominion Freight Line in the 4th quarter worth $494,916,000. T. Rowe Price Investment Management Inc. boosted its holdings in Old Dominion Freight Line by 1,575.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company’s stock worth $255,390,000 after buying an additional 1,361,397 shares during the period. Wellington Management Group LLP boosted its holdings in Old Dominion Freight Line by 109.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after buying an additional 750,073 shares during the period. AustralianSuper Pty Ltd bought a new position in Old Dominion Freight Line in the 4th quarter worth $128,221,000. Finally, Raymond James Financial Inc. bought a new position in shares of Old Dominion Freight Line during the 4th quarter valued at about $114,449,000. Institutional investors own 77.82% of the company’s stock.

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.