Old Dominion Freight Line (NASDAQ:ODFL) Rating Increased to Hold at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) to a hold rating in a research report report published on Thursday morning,Zacks reports.

A number of other equities analysts also recently issued reports on ODFL. BMO Capital Markets reiterated an “outperform” rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. The Goldman Sachs Group restated a “buy” rating and set a $244.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. Jefferies Financial Group reiterated a “hold” rating and issued a $227.00 price target (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Weiss Ratings lowered Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Finally, Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average target price of $227.65.

Old Dominion Freight Line Trading Down 0.4%

Shares of Old Dominion Freight Line stock opened at $179.79 on Thursday. The stock’s fifty day moving average price is $211.11 and its 200-day moving average price is $209.96. The firm has a market cap of $37.28 billion, a P/E ratio of 34.64, a P/E/G ratio of 3.03 and a beta of 1.16. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $252.03.

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

Old Dominion Freight Line Announces Dividend

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

Insider Transactions at Old Dominion Freight Line

In other 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 transaction, the senior vice president directly owned 22,746 shares of the company’s stock, 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 document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.20% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently made changes to their positions in the business. Bell Investment Advisors Inc purchased a new stake in Old Dominion Freight Line in the second quarter valued at about $25,000. Solstein Capital LLC acquired a new position in shares of Old Dominion Freight Line during the second quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares during the last quarter. Reflection Asset Management acquired a new stake in Old Dominion Freight Line in the 4th quarter worth approximately $28,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Old Dominion Freight Line in the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.