Zacks Research Upgrades Old Dominion Freight Line (NASDAQ:ODFL) to Hold

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and set a $195.00 price objective on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Barclays set a $185.00 price target on Old Dominion Freight Line in a research report on Thursday, February 5th. Wells Fargo & Company boosted their price objective on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. UBS Group restated a “neutral” rating and set a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Robert W. Baird downgraded Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $166.00 to $204.00 in a research report on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus target price of $188.57.

Old Dominion Freight Line Trading Down 0.0%

Shares of ODFL opened at $194.46 on Tuesday. The company’s 50-day moving average price is $169.76 and its 200 day moving average price is $152.25. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $209.61. The firm has a market cap of $40.66 billion, a P/E ratio of 40.26, a price-to-earnings-growth ratio of 9.71 and a beta of 1.28.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the business earned $1.23 earnings per share. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. Equities research analysts forecast that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Institutional Investors Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently made changes to their positions in ODFL. Financial Gravity Companies Inc. acquired a new position in Old Dominion Freight Line in the second quarter valued at approximately $26,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. lifted its position in shares of Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after buying an additional 98 shares during the last quarter. Rossby Financial LCC acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at $28,000. Finally, DT Investment Partners LLC grew its position in shares of Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds 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.