Old Dominion Freight Line (NASDAQ:ODFL) Stock Rating Upgraded by Evercore

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by stock analysts at Evercore from an “in-line” rating to an “outperform” rating in a research report issued on Wednesday.

Several other research firms also recently weighed in on ODFL. JPMorgan Chase & Co. lifted their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Rothschild & Co Redburn decreased their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research note on Tuesday, May 12th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Wolfe Research lifted their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research note on Tuesday, April 7th. Finally, Susquehanna lifted their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Ten research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $218.57.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $216.60 on Wednesday. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $252.03. The stock has a market cap of $45.05 billion, a PE ratio of 45.31, a P/E/G ratio of 4.41 and a beta of 1.17. The firm has a 50-day simple moving average of $218.84 and a two-hundred day simple moving average of $196.43.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the firm earned $1.19 EPS. The business’s revenue was down 2.9% on a year-over-year basis. As a group, sell-side analysts expect that Old Dominion Freight Line will post 5.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares during the period. Reflection Asset Management acquired a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $28,000. Evolution Wealth Management Inc. purchased a new position in Old Dominion Freight Line in the first quarter worth approximately $29,000. DT Investment Partners LLC lifted its stake in Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Old Dominion Freight Line during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

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.