Old Dominion Freight Line (NASDAQ:ODFL) Stock Gets Downgrade from Wall Street Zen

Old Dominion Freight Line (NASDAQ:ODFL) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Several other analysts have also recently commented on ODFL. Raymond James Financial reiterated an “outperform” rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. The Goldman Sachs Group restated a “buy” rating and set a $244.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. Jefferies Financial Group restated a “hold” rating and issued a $227.00 price target (down from $250.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. 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. Finally, Citigroup raised shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $231.00 to $223.00 in a research note on Tuesday, September 8th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $223.48.

Old Dominion Freight Line Trading Down 0.1%

NASDAQ ODFL opened at $182.47 on Friday. The business’s 50-day moving average price is $186.04 and its two-hundred day moving average price is $201.35. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $252.03. The firm has a market capitalization of $37.84 billion, a PE ratio of 35.16, a price-to-earnings-growth ratio of 3.02 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last issued 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 return on equity of 24.87% and a net margin of 19.44%. 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 firm posted $1.27 earnings per share. The business’s quarterly revenue was up 10.4% on a year-over-year basis. As a group, analysts forecast that Old Dominion Freight Line will post 5.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $3,416,007,000. Bank of New York Mellon Corp acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $543,289,000. Legal & General Group Plc acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $253,155,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Old Dominion Freight Line by 14.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company’s stock valued at $241,367,000 after acquiring an additional 142,809 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Old Dominion Freight Line by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,713 shares of the transportation company’s stock valued at $215,808,000 after acquiring an additional 12,245 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.