Old Dominion Freight Line (NASDAQ:ODFL) Reaches New 1-Year Low – Here’s What Happened

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s stock price reached a new 52-week low during trading on Tuesday . The company traded as low as $159.11 and last traded at $166.12, with a volume of 1602555 shares changing hands. The stock had previously closed at $162.50.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. The Goldman Sachs Group increased their price objective on Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Truist Financial assumed coverage on shares of Old Dominion Freight Line in a report on Thursday, March 13th. They set a “buy” rating and a $220.00 target price for the company. Jefferies Financial Group upped their target price on shares of Old Dominion Freight Line from $185.00 to $190.00 and gave the stock a “hold” rating in a research note on Friday, January 10th. Susquehanna reaffirmed a “neutral” rating and set a $195.00 price objective (down from $218.00) on shares of Old Dominion Freight Line in a research report on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Old Dominion Freight Line in a research report on Friday, March 7th. They issued a “buy” rating and a $236.00 target price for the company. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $202.65.

Old Dominion Freight Line Stock Up 2.2 %

The stock has a fifty day moving average price of $185.72 and a 200-day moving average price of $195.17. The firm has a market cap of $35.31 billion, a PE ratio of 30.31, a PEG ratio of 2.89 and a beta of 1.10. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be paid a $0.28 dividend. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Wednesday, March 5th. Old Dominion Freight Line’s payout ratio is presently 18.98%.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp lifted its stake in shares of Old Dominion Freight Line by 3.8% in the 3rd quarter. State Street Corp now owns 7,633,531 shares of the transportation company’s stock worth $1,516,324,000 after acquiring an additional 279,946 shares during the period. Geode Capital Management LLC grew its holdings in shares of Old Dominion Freight Line by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company’s stock valued at $870,311,000 after buying an additional 96,410 shares in the last quarter. Norges Bank purchased a new position in Old Dominion Freight Line during the 4th quarter valued at about $494,916,000. Capital World Investors lifted its position in Old Dominion Freight Line by 1.1% in the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company’s stock worth $442,784,000 after buying an additional 27,367 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Old Dominion Freight Line by 15.2% in the fourth quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company’s stock valued at $349,952,000 after purchasing an additional 261,305 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

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.