Old Dominion Freight Line (ODFL) Now Covered by Analysts at Argus

Equities researchers at Argus started coverage on shares of Old Dominion Freight Line (NASDAQ:ODFL) in a research report issued to clients and investors on Wednesday, The Fly reports. The firm set a “buy” rating on the transportation company’s stock.

A number of other research firms have also commented on ODFL. BidaskClub raised Old Dominion Freight Line from a “buy” rating to a “strong-buy” rating in a report on Friday, May 11th. ValuEngine raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Tuesday, April 3rd. Bank of America lifted their price objective on Old Dominion Freight Line from $127.00 to $133.00 and gave the stock an “underperform” rating in a report on Thursday, March 8th. Zacks Investment Research raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a report on Thursday, April 12th. Finally, Goldman Sachs began coverage on Old Dominion Freight Line in a report on Tuesday, April 10th. They issued a “neutral” rating and a $144.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $138.75.

Old Dominion Freight Line opened at $148.28 on Wednesday, Marketbeat Ratings reports. The firm has a market capitalization of $12.42 billion, a price-to-earnings ratio of 34.01, a price-to-earnings-growth ratio of 1.02 and a beta of 1.20. Old Dominion Freight Line has a 12 month low of $86.28 and a 12 month high of $152.50. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.78 and a quick ratio of 1.78.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Thursday, April 26th. The transportation company reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.03. The business had revenue of $925.02 million during the quarter, compared to analyst estimates of $925.83 million. Old Dominion Freight Line had a return on equity of 18.47% and a net margin of 14.38%. The company’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.80 EPS. equities research analysts forecast that Old Dominion Freight Line will post 6.39 earnings per share for the current year.

Old Dominion Freight Line announced that its board has initiated a stock buyback plan on Thursday, May 17th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the transportation company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Large investors have recently added to or reduced their stakes in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in Old Dominion Freight Line during the fourth quarter valued at about $3,365,000. Swiss National Bank grew its holdings in Old Dominion Freight Line by 107.4% during the fourth quarter. Swiss National Bank now owns 227,900 shares of the transportation company’s stock valued at $29,980,000 after purchasing an additional 118,009 shares during the period. BlackRock Inc. grew its holdings in Old Dominion Freight Line by 12.5% during the fourth quarter. BlackRock Inc. now owns 5,999,272 shares of the transportation company’s stock valued at $789,203,000 after purchasing an additional 667,711 shares during the period. Arizona State Retirement System grew its holdings in Old Dominion Freight Line by 27.0% during the fourth quarter. Arizona State Retirement System now owns 49,213 shares of the transportation company’s stock valued at $6,474,000 after purchasing an additional 10,461 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in Old Dominion Freight Line during the fourth quarter valued at about $35,582,000. 74.57% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

The Fly

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

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