Old Dominion Freight Line (NASDAQ:ODFL) Rating Lowered to Hold at Argus

Argus downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports.

ODFL has been the subject of several other reports. BMO Capital Markets lowered their target price on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. TD Cowen reduced their price target on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a report on Thursday, October 24th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Raymond James boosted their price objective on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Stifel Nicolaus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and dropped their target price for the company from $209.00 to $197.00 in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $200.00.

Old Dominion Freight Line Trading Down 2.8 %

ODFL stock traded down $6.18 during trading on Tuesday, hitting $217.25. The company had a trading volume of 407,479 shares, compared to its average volume of 1,544,713. Old Dominion Freight Line has a 52-week low of $165.49 and a 52-week high of $233.26. The company has a 50 day simple moving average of $200.71 and a 200-day simple moving average of $191.02. The firm has a market capitalization of $46.38 billion, a P/E ratio of 39.06, a PEG ratio of 6.36 and a beta of 0.99. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company’s revenue was down 3.0% on a year-over-year basis. As a group, research analysts forecast that Old Dominion Freight Line will post 5.46 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.48%. Old Dominion Freight Line’s payout ratio is presently 18.18%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the sale, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. This represents a 2.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total transaction of $676,320.00. Following the sale, the director now owns 7,383 shares in the company, valued at approximately $1,664,423.52. This represents a 28.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,975 shares of company stock worth $10,062,478. 9.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ODFL. SevenBridge Financial Group LLC lifted its stake in Old Dominion Freight Line by 2.0% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,611 shares of the transportation company’s stock valued at $519,000 after buying an additional 50 shares in the last quarter. Foundations Investment Advisors LLC increased its position 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 in the last quarter. Advisors Asset Management Inc. raised its stake in Old Dominion Freight Line by 0.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 10,888 shares of the transportation company’s stock valued at $2,163,000 after purchasing an additional 55 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in Old Dominion Freight Line by 3.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the transportation company’s stock valued at $301,000 after purchasing an additional 56 shares in the last quarter. Finally, Conning Inc. grew its holdings in shares of 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 in the last quarter. 77.82% of the stock is owned by hedge funds and other 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.