Old Dominion Freight Line (NASDAQ:ODFL) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a strong sell rating in a research report sent to investors on Thursday,Zacks.com reports.

ODFL has been the topic of a number of other reports. BMO Capital Markets raised Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $172.00 to $170.00 in a report on Monday, December 1st. Evercore ISI reduced their target price on shares of Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating for the company in a research report on Thursday, October 30th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, December 3rd. Bank of America raised their price target on shares of Old Dominion Freight Line from $147.00 to $149.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 3rd. Finally, Robert W. Baird set a $170.00 price objective on shares of Old Dominion Freight Line in a report on Monday. Ten investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $160.00.

Old Dominion Freight Line Trading Up 1.2%

Shares of ODFL stock opened at $173.13 on Thursday. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $209.61. The company has a market capitalization of $36.20 billion, a PE ratio of 34.84, a price-to-earnings-growth ratio of 8.32 and a beta of 1.27. The firm has a 50 day moving average price of $148.62 and a two-hundred day moving average price of $149.68. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02.

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

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $1.12 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is currently 22.54%.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently bought and sold shares of ODFL. Financial Gravity Companies Inc. bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. raised its position in Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. lifted its stake in Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after purchasing an additional 98 shares during the last quarter. Rossby Financial LCC acquired a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at $28,000. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line in the 3rd quarter valued at $37,000. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.