Old Dominion Freight Line, Inc. (NASDAQ:ODFL) – Investment analysts at KeyCorp raised their FY2017 earnings estimates for shares of Old Dominion Freight Line in a report released on Thursday. KeyCorp analyst T. Fowler now anticipates that the transportation company will earn $4.30 per share for the year, up from their prior forecast of $4.10. KeyCorp has a “Buy” rating and a $115.00 price target on the stock. KeyCorp also issued estimates for Old Dominion Freight Line’s Q4 2017 earnings at $1.07 EPS and FY2018 earnings at $4.95 EPS.
ODFL has been the topic of a number of other research reports. Credit Suisse Group reiterated an “outperform” rating and issued a $109.00 target price (up previously from $101.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 13th. They noted that the move was a valuation call. Zacks Investment Research raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $123.00 price target for the company in a report on Tuesday, October 3rd. Deutsche Bank AG downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and decreased their price target for the company from $108.00 to $98.00 in a report on Monday, July 31st. BidaskClub raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Finally, Morgan Stanley boosted their price target on Old Dominion Freight Line from $87.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, October 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Old Dominion Freight Line has an average rating of “Hold” and a consensus price target of $108.23.
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Shares of Old Dominion Freight Line (ODFL) opened at 121.13 on Monday. The company has a market cap of $9.98 billion, a PE ratio of 31.37 and a beta of 1.09. Old Dominion Freight Line has a 1-year low of $72.99 and a 1-year high of $124.13. The firm’s 50-day moving average is $108.77 and its 200-day moving average is $97.17.
Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, October 26th. The transportation company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.08. Old Dominion Freight Line had a net margin of 10.43% and a return on equity of 17.09%. The company had revenue of $872.99 million for the quarter, compared to analysts’ expectations of $855.85 million. During the same quarter last year, the business earned $1.03 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year.
Several hedge funds have recently made changes to their positions in ODFL. UBS Asset Management Americas Inc. raised its stake in shares of Old Dominion Freight Line by 14.2% during the 1st quarter. UBS Asset Management Americas Inc. now owns 43,125 shares of the transportation company’s stock worth $3,690,000 after buying an additional 5,351 shares during the period. UBS Group AG raised its stake in shares of Old Dominion Freight Line by 7.7% during the 1st quarter. UBS Group AG now owns 30,116 shares of the transportation company’s stock worth $2,577,000 after buying an additional 2,150 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $4,170,000. Schwab Charles Investment Management Inc. raised its stake in shares of Old Dominion Freight Line by 8.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 265,627 shares of the transportation company’s stock worth $22,730,000 after buying an additional 21,406 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $752,000. 73.89% of the stock is owned by institutional investors and hedge funds.
In other news, Vice Chairman David S. Congdon sold 575 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $97.83, for a total transaction of $56,252.25. Following the completion of the transaction, the insider now directly owns 9,516 shares of the company’s stock, valued at approximately $930,950.28. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 12.00% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Tuesday, December 5th. Old Dominion Freight Line’s payout ratio is 9.85%.
About Old Dominion Freight Line
Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.
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