Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Up on Strong Earnings

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $183.66, but opened at $195.87. Old Dominion Freight Line shares last traded at $195.61, with a volume of 417,316 shares traded.

The transportation company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a $0.28 dividend. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 0.58%. Old Dominion Freight Line’s payout ratio is presently 18.18%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America cut their price target on 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. TD Cowen reduced their target price on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a research report on Thursday, October 24th. Barclays dropped their price objective on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Stephens restated an “overweight” rating and set a $240.00 target price on shares of Old Dominion Freight Line in a research report on Wednesday, December 4th. Finally, Robert W. Baird cut their price target on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $202.44.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the sale, the director now owns 7,383 shares in the company, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 9.90% of the stock is owned by company insiders.

Institutional Trading of Old Dominion Freight Line

Hedge funds and other institutional investors have recently made changes to their positions in the business. Whipplewood Advisors LLC bought a new position in Old Dominion Freight Line in the fourth quarter valued at $35,000. Synergy Asset Management LLC acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth about $41,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter worth about $45,000. Brown Brothers Harriman & Co. grew its holdings in shares of Old Dominion Freight Line by 398.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock valued at $53,000 after acquiring an additional 215 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Old Dominion Freight Line by 45.5% during the fourth quarter. Versant Capital Management Inc now owns 352 shares of the transportation company’s stock worth $62,000 after acquiring an additional 110 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Up 5.4 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a 50-day moving average of $191.21 and a 200 day moving average of $197.70. The stock has a market capitalization of $41.34 billion, a price-to-earnings ratio of 33.85, a PEG ratio of 4.95 and a beta of 1.05.

Old Dominion Freight Line Company Profile

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.