Wells Fargo & Company Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price target lowered by Wells Fargo & Company from $185.00 to $160.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the transportation company’s stock.

A number of other equities analysts have also commented on the stock. The Goldman Sachs Group raised their price objective on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Morgan Stanley raised their target price on Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. Citigroup lowered their price target on Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Stephens reissued an “overweight” rating and issued a $240.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 6th. Finally, Susquehanna restated a “neutral” rating and set a $195.00 price objective (down from $218.00) on shares of Old Dominion Freight Line in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $201.40.

Old Dominion Freight Line Stock Up 0.9 %

Shares of Old Dominion Freight Line stock opened at $170.23 on Thursday. Old Dominion Freight Line has a 12-month low of $157.67 and a 12-month high of $233.26. The firm has a market capitalization of $36.18 billion, a PE ratio of 31.06, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average is $183.12 and its 200-day moving average is $193.71.

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, beating analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. Equities analysts anticipate that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.28 dividend. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.66%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.98%.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors and hedge funds have recently modified their holdings 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. grew its position in shares of Old Dominion Freight Line by 1,575.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company’s stock valued at $255,390,000 after purchasing an additional 1,361,397 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Old Dominion Freight Line by 109.5% in the third quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after purchasing an additional 750,073 shares during the period. AustralianSuper Pty Ltd acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth about $128,221,000. Finally, Raymond James Financial Inc. bought a new stake in Old Dominion Freight Line during the 4th quarter valued at approximately $114,449,000. 77.82% of the stock is currently 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.