Old Dominion Freight Line (NASDAQ:ODFL) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a buy rating to a hold rating in a report released on Sunday morning,Wall Street Zen reports.

ODFL has been the subject of several other reports. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Evercore reiterated an “outperform” rating and set a $243.00 price target (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $234.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Susquehanna upped their price target on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Wednesday, August 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $227.65.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $173.00 on Friday. The firm’s 50 day moving average price is $206.74 and its two-hundred day moving average price is $209.29. The stock has a market cap of $35.87 billion, a PE ratio of 33.33, a PEG ratio of 2.90 and a beta of 1.16. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the company earned $1.27 earnings per share. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. As a group, sell-side analysts predict that Old Dominion Freight Line will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

Insider Activity at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors have recently bought and sold shares of ODFL. Bell Investment Advisors Inc bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at about $25,000. Solstein Capital LLC purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its stake in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares in the last quarter. Reflection Asset Management purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at $28,000. Finally, Evolution Wealth Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.