Old Dominion Freight Line (NASDAQ:ODFL) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a buy rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

A number of other research analysts also recently weighed in on ODFL. Barclays upped their price target on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Zacks Research raised Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Truist Financial upped their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Finally, UBS Group reiterated a “neutral” rating and issued a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Trading Up 0.7%

NASDAQ:ODFL opened at $199.96 on Friday. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $252.03. The stock has a market capitalization of $41.46 billion, a price-to-earnings ratio of 38.53, a PEG ratio of 3.45 and a beta of 1.18. The firm has a fifty day simple moving average of $217.18 and a two-hundred day simple moving average of $210.66.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.27 earnings per share. Equities analysts predict that Old Dominion Freight Line will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s payout ratio is 22.35%.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president directly owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ODFL. Principia Wealth Advisory LLC lifted its stake in Old Dominion Freight Line by 2,395.2% during the 2nd quarter. Principia Wealth Advisory LLC now owns 524 shares of the transportation company’s stock valued at $113,000 after acquiring an additional 503 shares in the last quarter. Amundi grew its stake in shares of Old Dominion Freight Line by 0.9% in the 2nd quarter. Amundi now owns 668,260 shares of the transportation company’s stock worth $144,745,000 after acquiring an additional 5,857 shares in the last quarter. Kingsbury Capital Investment Advisors LLC grew its stake in shares of Old Dominion Freight Line by 54.2% in the 2nd quarter. Kingsbury Capital Investment Advisors LLC now owns 1,704 shares of the transportation company’s stock worth $369,000 after acquiring an additional 599 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth $42,410,000. Finally, California State Teachers Retirement System raised its holdings in shares of Old Dominion Freight Line by 21,008.4% in the second quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock valued at $13,833,194,000 after purchasing an additional 63,562,602 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

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.