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

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

A number of other research analysts also recently commented on the company. Rothschild & Co Redburn began coverage on Old Dominion Freight Line in a report on Wednesday, November 26th. They set a “sell” rating and a $114.00 target price on the stock. Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a research note on Thursday. Susquehanna reiterated a “neutral” rating and set a $170.00 target price on shares of Old Dominion Freight Line in a research note on Monday. Stephens reissued an “overweight” rating and set a $190.00 target price on shares of Old Dominion Freight Line in a report on Tuesday. Finally, 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. Ten analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $160.00.

Old Dominion Freight Line Price Performance

ODFL opened at $173.13 on Thursday. The company has a market capitalization of $36.20 billion, a P/E ratio of 34.84, a PEG ratio of 8.32 and a beta of 1.27. The company has a 50-day moving average of $148.62 and a 200-day moving average of $149.68. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.20 and a current ratio of 1.20. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The business 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 company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.43 earnings per share. Equities analysts expect that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Institutional Trading of Old Dominion Freight Line

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Old Dominion Freight Line by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after purchasing an additional 494,674 shares during the period. CIBC Private Wealth Group LLC raised its holdings in shares of Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after buying an additional 622,275 shares during the period. Norges Bank acquired a new position in shares of Old Dominion Freight Line during the second quarter worth approximately $371,961,000. Finally, Boston Partners bought a new position in Old Dominion Freight Line in the 3rd quarter worth approximately $292,599,000. Institutional investors and hedge funds 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.