Citigroup Boosts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $241.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price target raised by Citigroup from $201.00 to $241.00 in a report published on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the transportation company’s stock.

ODFL has been the subject of several other research reports. JPMorgan Chase & Co. cut their price objective on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Barclays lowered their price objective on shares of Old Dominion Freight Line from $195.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Evercore ISI cut their target price on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a research note on Thursday, October 3rd. Finally, Stifel Nicolaus lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and decreased their price target for the stock from $209.00 to $197.00 in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $198.33.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $226.32 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $199.36 and a 200-day simple moving average of $190.54. The stock has a market capitalization of $48.32 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 6.54 and a beta of 0.99. Old Dominion Freight Line has a 1-year low of $165.49 and a 1-year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the firm posted $1.54 EPS. The business’s quarterly revenue was down 3.0% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line will post 5.46 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is currently 18.18%.

Insiders Place Their Bets

In other news, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now owns 7,383 shares in the company, valued at approximately $1,664,423.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman David S. Congdon sold 10,000 shares of the business’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 owns 1,391,621 shares in the company, valued at $271,602,670.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the sale, the director now directly owns 7,383 shares of the company’s stock, valued at $1,664,423.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,975 shares of company stock valued at $10,062,478. 9.90% of the stock is currently owned by insiders.

Institutional Trading of Old Dominion Freight Line

Several institutional investors and hedge funds have recently added to or reduced their stakes in ODFL. SevenBridge Financial Group LLC grew its holdings in Old Dominion Freight Line by 2.0% during the 3rd quarter. SevenBridge Financial Group LLC now owns 2,611 shares of the transportation company’s stock worth $519,000 after acquiring an additional 50 shares during the period. Foundations Investment Advisors LLC grew its stake in shares of Old Dominion Freight Line by 0.6% during the second quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock worth $1,611,000 after purchasing an additional 54 shares during the period. Advisors Asset Management Inc. lifted its stake in Old Dominion Freight Line by 0.5% in the third quarter. Advisors Asset Management Inc. now owns 10,888 shares of the transportation company’s stock valued at $2,163,000 after buying an additional 55 shares during the period. Conning Inc. boosted its holdings in Old Dominion Freight Line by 5.8% during the second quarter. Conning Inc. now owns 1,164 shares of the transportation company’s stock worth $206,000 after buying an additional 64 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Old Dominion Freight Line by 4.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,492 shares of the transportation company’s stock worth $327,000 after buying an additional 66 shares during the period. 77.82% of the stock is owned by institutional investors.

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.