Old Dominion Freight Line (NASDAQ:ODFL) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Old Dominion Freight Line (NASDAQ:ODFL) issued its earnings results on Wednesday. The transportation company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03, Briefing.com reports. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The business’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 EPS.

Old Dominion Freight Line Stock Up 1.5%

Shares of Old Dominion Freight Line stock traded up $2.76 during midday trading on Wednesday, hitting $192.53. The company’s stock had a trading volume of 286,143 shares, compared to its average volume of 1,957,696. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $209.61. The stock has a 50-day simple moving average of $162.54 and a 200-day simple moving average of $150.74. The firm has a market capitalization of $40.26 billion, a P/E ratio of 38.74, a PEG ratio of 9.25 and a beta of 1.28.

Institutional Trading of Old Dominion Freight Line

Several hedge funds and other institutional investors have recently modified their holdings of ODFL. Brighton Jones LLC increased its position in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after purchasing an additional 79 shares during the period. MUFG Securities EMEA plc purchased a new position in Old Dominion Freight Line in the second quarter worth $90,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Old Dominion Freight Line in the third quarter valued at about $55,000. NorthRock Partners LLC grew its holdings in Old Dominion Freight Line by 33.0% in the third quarter. NorthRock Partners LLC now owns 3,147 shares of the transportation company’s stock valued at $443,000 after purchasing an additional 780 shares during the period. Finally, Banque Cantonale Vaudoise boosted its holdings in Old Dominion Freight Line by 6.8% in the 3rd quarter. Banque Cantonale Vaudoise now owns 2,284 shares of the transportation company’s stock worth $321,000 after acquiring an additional 146 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on ODFL shares. Stifel Nicolaus increased their price objective on shares of Old Dominion Freight Line from $173.00 to $188.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Evercore ISI set a $150.00 price target on shares of Old Dominion Freight Line and gave the stock an “in-line” rating in a report on Monday, January 12th. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $142.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, January 12th. Citigroup restated a “buy” rating and issued a $196.00 price objective (up previously from $170.00) on shares of Old Dominion Freight Line in a report on Wednesday, January 7th. Finally, Jefferies Financial Group upped their price target on shares of Old Dominion Freight Line from $150.00 to $160.00 and gave the company a “hold” rating in a research note on Friday, December 19th. Ten investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $163.33.

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.