Old Dominion Freight Line (NASDAQ:ODFL) Downgraded by BMO Capital Markets to Market Perform

by · The Cerbat Gem

BMO Capital Markets downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL – Free Report) from an outperform rating to a market perform rating in a research note released on Friday morning, MarketBeat reports. BMO Capital Markets currently has $210.00 target price on the transportation company’s stock, down from their previous target price of $214.00.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group cut their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Bank of America reduced their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Raymond James boosted their price objective on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. TD Cowen reduced their target price on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating on the stock in a research note on Friday, September 6th. Finally, Morgan Stanley reduced their price target on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a research report on Monday, July 8th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $200.56.

Get Our Latest Stock Analysis on ODFL

Old Dominion Freight Line Stock Down 1.0 %

ODFL stock opened at $199.54 on Friday. The company’s 50 day moving average is $195.53 and its 200 day moving average is $191.55. The stock has a market cap of $43.36 billion, a price-to-earnings ratio of 34.20, a price-to-earnings-growth ratio of 4.24 and a beta of 0.99. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line has a 1-year low of $165.49 and a 1-year high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company posted $1.33 EPS. The business’s quarterly revenue was up 6.1% on a year-over-year basis. Sell-side analysts predict that Old Dominion Freight Line will post 5.59 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is currently 17.82%.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman David S. Congdon sold 10,000 shares of the firm’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 transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

Hedge funds have recently bought and sold shares of the stock. Benjamin Edwards Inc. purchased a new stake in Old Dominion Freight Line in the 2nd quarter worth approximately $25,000. Farmers & Merchants Investments Inc. lifted its stake in shares of Old Dominion Freight Line by 100.0% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares in the last quarter. Atwood & Palmer Inc. boosted its holdings in Old Dominion Freight Line by 3,700.0% in the 2nd quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock worth $27,000 after buying an additional 148 shares during the period. Washington Trust Advisors Inc. increased its stake in Old Dominion Freight Line by 138.3% in the 1st quarter. Washington Trust Advisors Inc. now owns 143 shares of the transportation company’s stock worth $31,000 after buying an additional 83 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Old Dominion Freight Line by 1,630.0% during the second quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock valued at $31,000 after acquiring an additional 163 shares during the period. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

(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.

Recommended Stories