Old Dominion Freight Line (NASDAQ:ODFL) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a buy rating in a research note published on Saturday morning,Wall Street Zen reports.

Several other analysts also recently weighed in on ODFL. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Susquehanna lifted their price target on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Wednesday, August 5th. UBS Group reiterated a “neutral” rating and set a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Sanford C. Bernstein began coverage on shares of Old Dominion Freight Line in a research report on Thursday. They issued a “market perform” rating and a $200.00 price target for the company. Finally, Evercore reiterated an “outperform” rating and set a $243.00 target price (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $227.65.

Old Dominion Freight Line Stock Performance

ODFL opened at $179.79 on Friday. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The company has a market cap of $37.28 billion, a P/E ratio of 34.64, a PEG ratio of 3.02 and a beta of 1.16. The business’s 50-day simple moving average is $211.11 and its 200-day simple moving average is $209.96.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.27 earnings per share. As a group, 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is 22.35%.

Insider Activity at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the 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 completion of the sale, the senior vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of large investors have recently bought and sold shares of ODFL. AustralianSuper Pty Ltd lifted its position in Old Dominion Freight Line by 955.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock valued at $11,761,000 after buying an additional 67,898 shares in the last quarter. Summitry LLC grew its stake in Old Dominion Freight Line by 5.4% during the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock worth $34,210,000 after buying an additional 11,223 shares during the period. Partners Group Holding AG increased its position in shares of Old Dominion Freight Line by 37.0% in the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after acquiring an additional 52,514 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Old Dominion Freight Line by 15,188.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company’s stock worth $63,956,000 after acquiring an additional 405,217 shares in the last quarter. Finally, Park National Corp OH acquired a new stake in shares of Old Dominion Freight Line in the first quarter worth $1,056,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

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.