Old Dominion Freight Line, Inc. (ODFL) Stock Rating Lowered by Bank of America Corporation

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was downgraded by equities researchers at Bank of America Corporation from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday. They presently have a $102.00 target price on the transportation company’s stock, down from their prior target price of $105.00. Bank of America Corporation’s price target points to a potential downside of 5.91% from the stock’s previous close. The analysts noted that the move was a valuation call.

A number of other research firms have also weighed in on ODFL. Zacks Investment Research raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $123.00 target price for the company in a research report on Tuesday, October 3rd. Robert W. Baird reissued a “hold” rating and set a $113.00 target price on shares of Old Dominion Freight Line in a research report on Friday, October 6th. Morgan Stanley boosted their target price on shares of Old Dominion Freight Line from $87.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, October 5th. BidaskClub raised shares of Old Dominion Freight Line from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $91.00 target price on shares of Old Dominion Freight Line in a research report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Old Dominion Freight Line presently has an average rating of “Hold” and an average target price of $102.08.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, July 27th. The transportation company reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.09. The firm had revenue of $839.90 million during the quarter, compared to analyst estimates of $824.68 million. Old Dominion Freight Line had a net margin of 10.19% and a return on equity of 16.87%. The business’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.98 EPS.

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In other news, Vice Chairman David S. Congdon sold 575 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $97.83, for a total transaction of $56,252.25. Following the completion of the transaction, the insider now owns 9,516 shares of the company’s stock, valued at $930,950.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.00% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. raised its position in Old Dominion Freight Line by 115.7% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,206 shares of the transportation company’s stock worth $115,000 after purchasing an additional 647 shares in the last quarter. Paradigm Asset Management Co. LLC acquired a new position in Old Dominion Freight Line in the second quarter worth about $157,000. IFP Advisors Inc raised its position in Old Dominion Freight Line by 12.9% in the second quarter. IFP Advisors Inc now owns 2,077 shares of the transportation company’s stock worth $198,000 after purchasing an additional 238 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Old Dominion Freight Line by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,351 shares of the transportation company’s stock worth $224,000 after purchasing an additional 288 shares in the last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in Old Dominion Freight Line in the second quarter worth about $228,000. 73.84% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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

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