Old Dominion Freight Line (NASDAQ:ODFL) Raised to “Hold” at Zacks Research

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

ODFL has been the topic of a number of other research reports. Evercore ISI reduced their price objective on Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating on the stock in a research report on Thursday, October 30th. Stifel Nicolaus cut their target price on Old Dominion Freight Line from $168.00 to $162.00 and set a “buy” rating for the company in a research note on Tuesday, October 28th. Robert W. Baird set a $148.00 price target on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Monday, August 4th. Wall Street Zen raised shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Jefferies Financial Group reduced their target price on shares of Old Dominion Freight Line from $160.00 to $155.00 and set a “hold” rating on the stock in a research note on Thursday, October 9th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $159.33.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock traded down $3.16 during mid-day trading on Thursday, reaching $132.29. 1,924,592 shares of the stock traded hands, compared to its average volume of 1,906,666. The business has a 50-day moving average of $140.23 and a 200 day moving average of $152.53. Old Dominion Freight Line has a fifty-two week low of $131.46 and a fifty-two week high of $228.72. The company has a quick ratio of 1.38, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $27.66 billion, a PE ratio of 26.62, a PEG ratio of 3.22 and a beta of 1.22.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.43 EPS. On average, analysts predict that Old Dominion Freight Line will post 5.68 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Old Dominion Freight Line by 9.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 352,395 shares of the transportation company’s stock valued at $58,304,000 after purchasing an additional 30,328 shares during the period. Vest Financial LLC increased its stake in Old Dominion Freight Line by 66.8% during the 2nd quarter. Vest Financial LLC now owns 170,838 shares of the transportation company’s stock worth $27,727,000 after buying an additional 68,410 shares during the period. Banque Cantonale Vaudoise acquired a new stake in Old Dominion Freight Line during the 1st quarter worth approximately $778,000. PNC Financial Services Group Inc. boosted its position in Old Dominion Freight Line by 8.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 27,223 shares of the transportation company’s stock valued at $4,504,000 after buying an additional 2,161 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Old Dominion Freight Line by 1.9% in the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock worth $3,750,157,000 after acquiring an additional 416,097 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.