Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down on Analyst Downgrade

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price gapped down before the market opened on Thursday after Wells Fargo & Company lowered their price target on the stock from $175.00 to $170.00. The stock had previously closed at $195.64, but opened at $187.21. Wells Fargo & Company currently has an underweight rating on the stock. Old Dominion Freight Line shares last traded at $185.60, with a volume of 241,903 shares traded.

Other analysts also recently issued research reports about the stock. Baird R W raised shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 8th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, July 25th. JPMorgan Chase & Co. increased their target price on Old Dominion Freight Line from $176.00 to $193.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. TD Cowen boosted their price target on Old Dominion Freight Line from $206.00 to $214.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Finally, Robert W. Baird increased their price objective 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 equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $201.33.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of the firm’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 sale, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

Several institutional investors have recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. lifted its stake in Old Dominion Freight Line by 1,093.9% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 585 shares of the transportation company’s stock worth $237,000 after purchasing an additional 536 shares during the last quarter. Merit Financial Group LLC lifted its position in shares of Old Dominion Freight Line by 31.3% in the 4th quarter. Merit Financial Group LLC now owns 755 shares of the transportation company’s stock worth $306,000 after buying an additional 180 shares during the last quarter. Lincoln National Corp boosted its holdings in shares of Old Dominion Freight Line by 66.9% in the 4th quarter. Lincoln National Corp now owns 1,768 shares of the transportation company’s stock valued at $717,000 after buying an additional 709 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Old Dominion Freight Line by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 526,545 shares of the transportation company’s stock valued at $213,425,000 after buying an additional 12,790 shares during the last quarter. Finally, Principal Securities Inc. acquired a new stake in Old Dominion Freight Line during the fourth quarter worth about $194,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Down 4.9 %

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 stock’s fifty day simple moving average is $193.92 and its 200-day simple moving average is $197.74. The stock has a market cap of $40.43 billion, a P/E ratio of 32.76, a PEG ratio of 3.76 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.03. The business had revenue of $1.50 billion for 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 business’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business posted $1.33 EPS. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, September 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.56%. Old Dominion Freight Line’s dividend 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.