TD Cowen Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $196.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective reduced by TD Cowen from $203.00 to $196.00 in a research note published on Thursday morning, Benzinga reports. They currently have a hold rating on the transportation company’s stock.

Several other analysts also recently weighed in on ODFL. BMO Capital Markets reduced their price objective on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on shares of 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. Bank of America dropped their price objective on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. The Goldman Sachs Group cut their target price on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Finally, Susquehanna decreased their target price on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $196.39.

Old Dominion Freight Line Stock Up 1.8 %

Old Dominion Freight Line stock traded up $3.45 during midday trading on Thursday, reaching $195.26. The company’s stock had a trading volume of 185,938 shares, compared to its average volume of 1,544,703. The company has a market cap of $42.43 billion, a P/E ratio of 32.87, a P/E/G ratio of 4.20 and a beta of 0.99. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $195.58 and a 200-day simple moving average of $190.85. Old Dominion Freight Line has a fifty-two week low of $165.49 and a fifty-two week high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.54 EPS. On average, research analysts expect that Old Dominion Freight Line will post 5.56 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.53%. Old Dominion Freight Line’s payout ratio is currently 17.82%.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the business’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 transaction, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ODFL. Vanguard Group Inc. boosted its position in shares of Old Dominion Freight Line by 100.9% during the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after purchasing an additional 10,944,520 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Old Dominion Freight Line by 117.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after purchasing an additional 7,401,526 shares during the period. Capital Research Global Investors boosted its holdings in Old Dominion Freight Line by 59.0% during the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after buying an additional 2,447,121 shares in the last quarter. Capital World Investors grew its position in Old Dominion Freight Line by 101.0% during the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after buying an additional 1,228,116 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in Old Dominion Freight Line by 283.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,103,558 shares of the transportation company’s stock worth $242,021,000 after buying an additional 815,817 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

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.