Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Several other research analysts have also recently issued reports on the stock. BidaskClub upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Tuesday. Bank of America increased their target price on shares of Old Dominion Freight Line from $139.00 to $143.00 and gave the stock an “underperform” rating in a report on Thursday, August 30th. Morgan Stanley increased their target price on shares of Old Dominion Freight Line from $154.00 to $158.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Stifel Nicolaus reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Friday, July 27th. Finally, Buckingham Research increased their target price on shares of Old Dominion Freight Line from $155.00 to $162.00 and gave the stock a “neutral” rating in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. Old Dominion Freight Line currently has an average rating of “Hold” and a consensus price target of $147.38.

NASDAQ ODFL opened at $154.49 on Tuesday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $12.50 billion, a PE ratio of 35.43, a P/E/G ratio of 0.88 and a beta of 1.20. Old Dominion Freight Line has a 12 month low of $99.32 and a 12 month high of $164.10.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Thursday, July 26th. The transportation company reported $1.99 EPS for the quarter, topping the Zacks’ consensus estimate of $1.82 by $0.17. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Old Dominion Freight Line had a net margin of 15.37% and a return on equity of 20.31%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 earnings per share. equities research analysts anticipate that Old Dominion Freight Line will post 6.89 earnings per share for the current year.

Old Dominion Freight Line declared that its Board of Directors has initiated a stock buyback program on Thursday, May 17th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the transportation company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Several hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at about $662,000. Advisors Asset Management Inc. lifted its position in shares of Old Dominion Freight Line by 73.3% during the second quarter. Advisors Asset Management Inc. now owns 17,783 shares of the transportation company’s stock valued at $2,649,000 after buying an additional 7,523 shares during the last quarter. Waverton Investment Management Ltd lifted its position in shares of Old Dominion Freight Line by 3.6% during the second quarter. Waverton Investment Management Ltd now owns 13,278 shares of the transportation company’s stock valued at $1,978,000 after buying an additional 466 shares during the last quarter. Verition Fund Management LLC lifted its position in shares of Old Dominion Freight Line by 116.0% during the second quarter. Verition Fund Management LLC now owns 4,012 shares of the transportation company’s stock valued at $598,000 after buying an additional 2,155 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at about $145,000. 72.37% of the stock is owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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Analyst Recommendations for Old Dominion Freight Line (NASDAQ:ODFL)

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