Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Down 9.9% – Here’s Why

by · The Cerbat Gem

Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Get Free Report)’s share price dropped 9.9% during mid-day trading on Friday . The company traded as low as $180.00 and last traded at $177.75. Approximately 852,318 shares traded hands during trading, a decline of 43% from the average daily volume of 1,484,828 shares. The stock had previously closed at $197.25.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of analyst reports. StockNews.com upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Saturday, February 15th. Wells Fargo & Company reduced their price objective on shares of Old Dominion Freight Line from $195.00 to $185.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 7th. Argus downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Susquehanna reiterated a “neutral” rating and set a $195.00 price objective (down from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group raised their price target on shares of Old Dominion Freight Line from $185.00 to $190.00 and gave the company a “hold” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $203.33.

View Our Latest Stock Analysis on Old Dominion Freight Line

Old Dominion Freight Line Trading Down 8.5 %

The firm’s 50-day moving average is $188.96 and its 200 day moving average is $197.81. 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 market capitalization of $38.52 billion, a price-to-earnings ratio of 32.92, a P/E/G ratio of 2.89 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its earnings results on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate 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%. On average, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.28 per share. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. The ex-dividend date is Wednesday, March 5th. This represents a $1.12 annualized dividend and a yield of 0.62%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.98%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Old Dominion Freight Line by 3.8% during the 3rd quarter. State Street Corp now owns 7,633,531 shares of the transportation company’s stock worth $1,516,324,000 after purchasing an additional 279,946 shares during the last quarter. Geode Capital Management LLC raised its holdings in Old Dominion Freight Line by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company’s stock worth $870,311,000 after purchasing an additional 96,410 shares during the last quarter. Norges Bank bought a new position in Old Dominion Freight Line during the 4th quarter worth approximately $494,916,000. Capital World Investors raised its holdings in Old Dominion Freight Line by 1.1% during the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company’s stock worth $442,784,000 after purchasing an additional 27,367 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Old Dominion Freight Line by 15.2% during the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company’s stock worth $349,952,000 after purchasing an additional 261,305 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

(Get Free Report)

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.

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