Old Dominion Freight Line (NASDAQ:ODFL) Raised to Buy at Wall Street Zen

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $244.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Wolfe Research raised Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 7th. Bank of America dropped their target price on Old Dominion Freight Line from $240.00 to $205.00 in a report on Friday, September 4th. JPMorgan Chase & Co. cut their target price on Old Dominion Freight Line from $250.00 to $232.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Finally, Citigroup raised Old Dominion Freight Line from a “neutral” rating to a “buy” rating and cut their target price for the stock from $231.00 to $223.00 in a research note on Tuesday, September 8th. Ten investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $223.48.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $187.72 on Friday. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The company has a 50 day simple moving average of $188.60 and a two-hundred day simple moving average of $207.72. The company has a market capitalization of $38.93 billion, a price-to-earnings ratio of 36.17, a P/E/G ratio of 3.11 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business earned $1.27 earnings per share. The business’s revenue was up 10.4% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line will post 5.86 earnings per share for the current fiscal year.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of hedge funds have recently added to or reduced their stakes in ODFL. BlackRock Inc. bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth $3,416,007,000. Bank of New York Mellon Corp bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth $543,289,000. Legal & General Group Plc purchased a new position in shares of Old Dominion Freight Line in the second quarter worth $253,155,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Old Dominion Freight Line by 14.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company’s stock worth $241,367,000 after purchasing an additional 142,809 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Old Dominion Freight Line by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,104,713 shares of the transportation company’s stock worth $215,808,000 after purchasing an additional 12,245 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.