Old Dominion Freight Line (NASDAQ:ODFL) Coverage Initiated at Truist Financial

Truist Financial began coverage on shares of Old Dominion Freight Line (NASDAQ:ODFL) in a research report report published on Thursday, Marketbeat reports. The firm issued a buy rating and a $220.00 price target on the transportation company’s stock.

Other analysts also recently issued research reports about the company. Morgan Stanley boosted their price objective on Old Dominion Freight Line from $165.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft started coverage on Old Dominion Freight Line in a research report on Friday, March 7th. They issued a “buy” rating and a $236.00 price objective for the company. Stephens reiterated an “overweight” rating and issued a $240.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, February 6th. Stifel Nicolaus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and boosted their price objective for the company from $193.00 to $200.00 in a research report on Monday, February 24th. Finally, Jefferies Financial Group boosted their price objective on Old Dominion Freight Line from $185.00 to $190.00 and gave the company a “hold” rating in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $202.65.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $162.50 on Thursday. The business has a 50 day moving average of $186.05 and a 200 day moving average of $195.34. The company has a market capitalization of $34.54 billion, a price-to-earnings ratio of 29.65, a PEG ratio of 2.89 and a beta of 1.10. Old Dominion Freight Line has a 1-year low of $159.35 and a 1-year high of $233.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, topping 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, sell-side analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.69%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio is presently 18.98%.

Institutional Investors Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ODFL. Norges Bank purchased a new stake in Old Dominion Freight Line in the fourth quarter worth $494,916,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Old Dominion Freight Line by 1,575.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company’s stock worth $255,390,000 after acquiring an additional 1,361,397 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Old Dominion Freight Line by 109.5% in the third quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after acquiring an additional 750,073 shares during the last quarter. AustralianSuper Pty Ltd purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $128,221,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $114,449,000. 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.