Old Dominion Freight Line Inc. (ODFL) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier transporting primarily less-than-truckload shipments of general commodities, including consumer goods, textiles and capital goods to a diversified customer base. “
ODFL has been the topic of several other reports. Deutsche Bank AG boosted their target price on Old Dominion Freight Line from $67.00 to $71.00 and gave the stock a hold rating in a research note on Friday, July 29th. Cowen and Company boosted their target price on Old Dominion Freight Line from $63.00 to $73.00 and gave the stock a market perform rating in a research note on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. Old Dominion Freight Line has a consensus rating of Hold and a consensus target price of $68.00.
Old Dominion Freight Line (NASDAQ:ODFL) traded up 0.281% during mid-day trading on Tuesday, hitting $69.324. The company had a trading volume of 19,946 shares. The company has a 50-day moving average price of $69.01 and a 200 day moving average price of $66.19. The firm has a market capitalization of $5.74 billion, a P/E ratio of 19.627 and a beta of 1.24. Old Dominion Freight Line has a 12 month low of $48.92 and a 12 month high of $72.45.
Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Thursday, July 28th. The company reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.03. Old Dominion Freight Line had a return on equity of 17.61% and a net margin of 10.02%. The firm had revenue of $755.40 million for the quarter, compared to the consensus estimate of $754.33 million. During the same period in the previous year, the business earned $1.00 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Equities analysts forecast that Old Dominion Freight Line will post $3.54 EPS for the current fiscal year.
In other news, insider John R. Congdon, Jr. sold 23,100 shares of the business’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $69.92, for a total value of $1,615,152.00. Following the completion of the transaction, the insider now owns 1,494 shares of the company’s stock, valued at approximately $104,460.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman David S. Congdon sold 1,660 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $69.77, for a total value of $115,818.20. Following the completion of the transaction, the insider now directly owns 5,334 shares of the company’s stock, valued at approximately $372,153.18. The disclosure for this sale can be found here. 14.60% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at about $43,371,000. Aperio Group LLC boosted its position in Old Dominion Freight Line by 23.8% in the first quarter. Aperio Group LLC now owns 16,403 shares of the company’s stock worth $1,142,000 after buying an additional 3,156 shares during the last quarter. Nisa Investment Advisors L.L.C. boosted its position in Old Dominion Freight Line by 5.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 38,500 shares of the company’s stock worth $2,680,000 after buying an additional 1,900 shares during the last quarter. Virginia Retirement System acquired a new position in Old Dominion Freight Line during the first quarter worth $1,657,000. Finally, Pacad Investment Ltd. acquired a new position in Old Dominion Freight Line during the first quarter worth $334,000. 76.82% of the stock is owned by institutional investors and hedge funds.
About Old Dominion Freight Line
Old Dominion Freight Line, Inc is a less-than-truckload (LTL), union-free motor carrier company. The Company provides regional, inter-regional and national LTL services, which include ground and air expedited transportation, and consumer household pickup and delivery. The Company offers a range of other services that include container drayage, truckload brokerage, supply chain consulting and warehousing.
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