Old Dominion Freight Line (NASDAQ:ODFL) Upgraded 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 report report published on Saturday morning,Wall Street Zen reports.

ODFL has been the topic of a number of other reports. Jefferies Financial Group restated a “hold” rating and set a $227.00 target price (down from $250.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. JPMorgan Chase & Co. reduced their price target on shares of Old Dominion Freight Line from $250.00 to $232.00 and set a “neutral” rating for the company in a research report on Monday, October 5th. Zacks Research downgraded shares of Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Wolfe Research upgraded shares of Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 7th. Finally, Citigroup raised shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $231.00 to $223.00 in a research report on Tuesday, September 8th. Ten analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $223.48.

Old Dominion Freight Line Stock Down 0.5%

ODFL opened at $186.85 on Friday. The firm has a market cap of $38.75 billion, a price-to-earnings ratio of 36.00, a price-to-earnings-growth ratio of 3.11 and a beta of 1.20. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $252.03. The business’s 50 day moving average is $188.08 and its two-hundred day moving average is $207.66.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The company 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 for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.27 earnings per share. Equities analysts expect that Old Dominion Freight Line will post 5.86 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is currently 22.35%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Bell Investment Advisors Inc purchased a new stake in Old Dominion Freight Line during the second quarter worth approximately $25,000. Solstein Capital LLC acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares in the last quarter. Reflection Asset Management purchased a new stake in Old Dominion Freight Line during the 4th quarter worth $28,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.