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 note published on Sunday morning,Wall Street Zen reports.

Other analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. 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 research note on Thursday, July 30th. Truist Financial set a $230.00 target price on shares of Old Dominion Freight Line and gave the company a “buy” rating in a research report on Wednesday, October 7th. 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, Jefferies Financial Group restated a “hold” rating and set a $227.00 price target (down from $250.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Ten analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $223.48.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $187.03 on Friday. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $252.03. The business has a fifty day moving average price of $185.54 and a two-hundred day moving average price of $201.46.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS 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. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.27 earnings per share. As a group, sell-side analysts anticipate that Old Dominion Freight Line will post 5.86 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, December 2nd.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.20% of the stock is owned by insiders.

Institutional Trading of Old Dominion Freight Line

Institutional investors and hedge funds have recently made changes to their positions in the stock. North Dakota State Investment Board boosted its holdings in shares of Old Dominion Freight Line by 4.7% during the third quarter. North Dakota State Investment Board now owns 5,717 shares of the transportation company’s stock worth $994,000 after purchasing an additional 255 shares during the period. Generali Asset Management SPA SGR lifted its holdings in Old Dominion Freight Line by 258.0% in the third quarter. Generali Asset Management SPA SGR now owns 4,368 shares of the transportation company’s stock worth $759,000 after buying an additional 3,148 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Old Dominion Freight Line by 2.4% in the third quarter. Asset Management One Co. Ltd. now owns 82,248 shares of the transportation company’s stock worth $14,298,000 after buying an additional 1,908 shares during the period. Peterson Wealth Services lifted its holdings in Old Dominion Freight Line by 7.6% in the third quarter. Peterson Wealth Services now owns 20,487 shares of the transportation company’s stock worth $3,561,000 after buying an additional 1,443 shares during the period. Finally, Valley National Advisers Inc. boosted its position in Old Dominion Freight Line by 1,502.2% during the 3rd quarter. Valley National Advisers Inc. now owns 13,074 shares of the transportation company’s stock valued at $2,273,000 after acquiring an additional 12,258 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.