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Old Dominion Freight Line (ODFL) Upgraded to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a buy rating to a strong-buy rating in a research note published on Tuesday.

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A number of other analysts also recently issued reports on the stock. ValuEngine raised shares of Old Dominion Freight Line from a hold rating to a buy rating in a report on Tuesday, September 4th. Bank of America lifted their price objective on shares of Old Dominion Freight Line from $139.00 to $143.00 and gave the stock an underperform rating in a report on Thursday, August 30th. Morgan Stanley lifted their price objective on shares of Old Dominion Freight Line from $154.00 to $158.00 and gave the stock an overweight rating in a report on Friday, July 27th. Stifel Nicolaus reaffirmed a hold rating on shares of Old Dominion Freight Line in a report on Friday, July 27th. Finally, Buckingham Research lifted their price objective on shares of Old Dominion Freight Line from $155.00 to $162.00 and gave the stock a neutral rating in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $147.38.

NASDAQ ODFL opened at $168.03 on Tuesday. Old Dominion Freight Line has a 52-week low of $99.50 and a 52-week high of $170.22. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.02. The firm has a market cap of $13.54 billion, a PE ratio of 38.54, a P/E/G ratio of 0.94 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, July 26th. The transportation company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.17. Old Dominion Freight Line had a net margin of 15.37% and a return on equity of 20.31%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm posted $1.19 EPS. The firm’s revenue was up 23.1% compared to the same quarter last year. equities analysts expect that Old Dominion Freight Line will post 6.92 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Wednesday, September 5th. Old Dominion Freight Line’s dividend payout ratio is presently 11.93%.

Old Dominion Freight Line announced that its board has authorized a stock repurchase program on Thursday, May 17th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the transportation company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue lifted its stake in Old Dominion Freight Line by 50.4% in the second quarter. State of Alaska Department of Revenue now owns 8,000 shares of the transportation company’s stock worth $1,191,000 after purchasing an additional 2,680 shares during the last quarter. Scout Investments Inc. increased its position in shares of Old Dominion Freight Line by 3.8% in the second quarter. Scout Investments Inc. now owns 107,486 shares of the transportation company’s stock valued at $16,011,000 after acquiring an additional 3,938 shares during the period. Torch Wealth Management LLC purchased a new position in shares of Old Dominion Freight Line in the second quarter valued at about $1,504,000. Jaffetilchin Investment Partners LLC increased its position in shares of Old Dominion Freight Line by 62.2% in the second quarter. Jaffetilchin Investment Partners LLC now owns 7,125 shares of the transportation company’s stock valued at $1,061,000 after acquiring an additional 2,731 shares during the period. Finally, Atria Investments LLC increased its position in shares of Old Dominion Freight Line by 8.0% in the second quarter. Atria Investments LLC now owns 6,892 shares of the transportation company’s stock valued at $1,027,000 after acquiring an additional 513 shares during the period. 72.37% of the stock is owned by institutional investors and hedge funds.

About Old Dominion Freight Line

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.

Further Reading: Understanding Price to Earnings Ratio (PE)