Old Dominion Freight Line (NASDAQ:ODFL) Hits New 12-Month Low Following Analyst Downgrade

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) reached a new 52-week low during mid-day trading on Thursday after Barclays lowered their price target on the stock from $195.00 to $185.00. Barclays currently has an equal weight rating on the stock. Old Dominion Freight Line traded as low as $156.87 and last traded at $158.08, with a volume of 1017370 shares. The stock had previously closed at $170.10.

Other research analysts have also issued research reports about the company. Citigroup dropped their price objective 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. The Goldman Sachs Group upped their price target 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. Wells Fargo & Company reduced their price objective on shares of Old Dominion Freight Line from $185.00 to $160.00 and set an “underweight” rating for the company in a research note on Thursday, March 27th. JPMorgan Chase & Co. upped their price target on 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, Bank of America decreased their target price on Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus target price of $199.70.

Hedge Funds Weigh In On Old Dominion Freight Line

Hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board lifted its holdings in shares of Old Dominion Freight Line by 62.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 7,266 shares of the transportation company’s stock valued at $1,443,000 after buying an additional 2,800 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Old Dominion Freight Line by 1.7% during the 3rd quarter. Captrust Financial Advisors now owns 7,502 shares of the transportation company’s stock worth $1,490,000 after purchasing an additional 124 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Old Dominion Freight Line by 1,448.6% during the 3rd quarter. Benjamin Edwards Inc. now owns 2,230 shares of the transportation company’s stock valued at $443,000 after purchasing an additional 2,086 shares in the last quarter. Chevy Chase Trust Holdings LLC lifted its stake in shares of Old Dominion Freight Line by 4.7% in the 3rd quarter. Chevy Chase Trust Holdings LLC now owns 103,605 shares of the transportation company’s stock valued at $20,580,000 after purchasing an additional 4,695 shares during the last quarter. Finally, Hilltop Holdings Inc. acquired a new stake in shares of Old Dominion Freight Line in the 3rd quarter valued at $458,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

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 stock has a market capitalization of $33.60 billion, a P/E ratio of 28.85, a PEG ratio of 2.89 and a beta of 1.10. The stock’s fifty day moving average is $181.30 and its 200-day moving average is $193.06.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (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%. On average, equities 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. This represents a $1.12 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.98%.

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.