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

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

Other equities research analysts also recently issued research reports about the company. Evercore restated an “outperform” rating and set a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Morgan Stanley reissued an “equal weight” rating and issued a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Argus lifted their price target on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Weiss Ratings lowered shares of Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Finally, Citigroup upgraded shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $231.00 to $223.00 in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus target price of $227.65.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $179.79 on Friday. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The firm has a market capitalization of $37.28 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 3.02 and a beta of 1.16. The business has a 50-day simple moving average of $211.11 and a 200 day simple moving average of $210.08.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 EPS. On average, sell-side analysts expect that Old Dominion Freight Line will post 5.78 EPS for the current year.

Insider Activity

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the company’s stock in a transaction 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 owned 22,746 shares in the company, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several large investors have recently bought and sold shares of the stock. Bogart Wealth LLC boosted its stake in shares of Old Dominion Freight Line by 9.9% during the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after purchasing an additional 46 shares in the last quarter. Private Advisor Group LLC raised its stake in Old Dominion Freight Line by 1.3% in the first quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock worth $814,000 after buying an additional 55 shares in the last quarter. Keybank National Association OH raised its stake in Old Dominion Freight Line by 2.3% in the first quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock worth $479,000 after buying an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its holdings in Old Dominion Freight Line by 9.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after buying an additional 57 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.