Old Dominion Freight Line (NASDAQ:ODFL) Shares Down 9.9% – Here’s What Happened

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s share price was down 9.9% during trading on Friday . The stock traded as low as $180.00 and last traded at $177.75. Approximately 852,318 shares were traded during mid-day 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

Several equities research analysts have commented on ODFL shares. Evercore ISI boosted their target price on Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a report on Thursday, February 6th. 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 for the company in a research note on Tuesday, January 7th. 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 note on Thursday, October 24th. Bank of America reduced their price objective on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, Citigroup raised their price objective on shares of Old Dominion Freight Line from $201.00 to $241.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $203.33.

Old Dominion Freight Line Stock Down 8.3 %

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $189.37 and a 200-day simple moving average of $197.90. The firm has a market cap of $38.63 billion, a P/E ratio of 33.01, a price-to-earnings-growth ratio of 3.01 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.28 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.12 annualized dividend and a yield of 0.62%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio is currently 18.98%.

Institutional Trading of Old Dominion Freight Line

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its position in shares of Old Dominion Freight Line by 72.2% during the third quarter. Blue Trust Inc. now owns 1,746 shares of the transportation company’s stock worth $347,000 after acquiring an additional 732 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Old Dominion Freight Line by 20.5% during the third quarter. Sequoia Financial Advisors LLC now owns 5,979 shares of the transportation company’s stock worth $1,188,000 after acquiring an additional 1,017 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Old Dominion Freight Line by 3.6% in the third quarter. Private Advisor Group LLC now owns 9,638 shares of the transportation company’s stock worth $1,914,000 after purchasing an additional 339 shares during the last quarter. Hartford Investment Management Co. increased its holdings in shares of Old Dominion Freight Line by 3.8% in the third quarter. Hartford Investment Management Co. now owns 11,856 shares of the transportation company’s stock worth $2,355,000 after purchasing an additional 436 shares during the last quarter. Finally, Capital Investment Counsel Inc increased its holdings in shares of Old Dominion Freight Line by 2.7% in the third quarter. Capital Investment Counsel Inc now owns 5,800 shares of the transportation company’s stock worth $1,152,000 after purchasing an additional 150 shares during the last quarter. 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.