Old Dominion Freight Line (NASDAQ:ODFL) Shares Gap Down Following Analyst Downgrade

Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report)'s share price gapped down before the market opened on Friday after Barclays lowered their price target on the stock from $185.00 to $170.00. The stock had previously closed at $158.90, but opened at $149.28. Barclays currently has an equal weight rating on the stock. Old Dominion Freight Line shares last traded at $148.81, with a volume of 383,173 shares trading hands.

Several other brokerages also recently commented on ODFL. Stifel Nicolaus reduced their price objective on shares of Old Dominion Freight Line from $188.00 to $175.00 and set a "buy" rating for the company in a research report on Thursday. Jefferies Financial Group reduced their price target on shares of Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Susquehanna dropped their price objective on shares of Old Dominion Freight Line from $171.00 to $168.00 and set a "neutral" rating on the stock in a report on Thursday. UBS Group cut their price objective on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley set a $185.00 price target on Old Dominion Freight Line in a research note on Wednesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus target price of $182.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mather Group LLC. increased its position in Old Dominion Freight Line by 15.3% in the first quarter. Mather Group LLC. now owns 1,146 shares of the transportation company's stock worth $190,000 after buying an additional 152 shares during the last quarter. Valley National Advisers Inc. grew its stake in shares of Old Dominion Freight Line by 3.3% during the 1st quarter. Valley National Advisers Inc. now owns 9,865 shares of the transportation company's stock worth $1,631,000 after acquiring an additional 315 shares during the period. Amalgamated Bank increased its holdings in Old Dominion Freight Line by 1.4% in the 1st quarter. Amalgamated Bank now owns 42,390 shares of the transportation company's stock worth $7,013,000 after acquiring an additional 602 shares during the last quarter. Hills Bank & Trust Co raised its stake in Old Dominion Freight Line by 17.9% in the 1st quarter. Hills Bank & Trust Co now owns 4,456 shares of the transportation company's stock valued at $737,000 after acquiring an additional 678 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Old Dominion Freight Line by 2.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 470,875 shares of the transportation company's stock valued at $77,906,000 after purchasing an additional 9,781 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Price Performance

The stock has a market cap of $31.13 billion, a P/E ratio of 26.78, a price-to-earnings-growth ratio of 2.89 and a beta of 1.25. 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 business's 50-day simple moving average is $165.37 and its two-hundred day simple moving average is $187.56.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The transportation company reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The company had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.38 billion. Sell-side 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 declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.28 dividend. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Wednesday, March 5th. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 21.01%.

Old Dominion Freight Line Company Profile

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.