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

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Sanford C. Bernstein to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Other research analysts have also recently issued reports about the stock. Barclays increased their price target on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the company an “equal weight” rating in a research report on Thursday, June 25th. Jefferies Financial Group restated a “hold” rating and issued a $227.00 price objective (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Bank of America cut their price objective on shares of Old Dominion Freight Line from $240.00 to $205.00 in a research note on Friday, September 4th. UBS Group reaffirmed a “neutral” rating and set a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, Truist Financial lifted their target price on shares of 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. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $227.65.

Old Dominion Freight Line Trading Down 0.4%

ODFL opened at $179.79 on Thursday. The stock has a market capitalization of $37.28 billion, a P/E ratio of 34.64, a PEG ratio of 3.03 and a beta of 1.16. The stock has a 50-day moving average price of $211.11 and a 200-day moving average price of $209.96. 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 announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.Old Dominion Freight Line’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period last year, the firm posted $1.27 EPS. On average, equities research analysts predict that Old Dominion Freight Line will post 5.78 EPS for the current year.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The shares were 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 of the company’s stock, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 8.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently modified their holdings of ODFL. AustralianSuper Pty Ltd increased its position in Old Dominion Freight Line by 955.4% during the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock valued at $11,761,000 after purchasing an additional 67,898 shares during the period. Summitry LLC lifted its position in shares of Old Dominion Freight Line by 5.4% in the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock worth $34,210,000 after purchasing an additional 11,223 shares during the period. Partners Group Holding AG lifted its position in shares of Old Dominion Freight Line by 37.0% in the 4th quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after purchasing an additional 52,514 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Old Dominion Freight Line by 15,188.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company’s stock valued at $63,956,000 after purchasing an additional 405,217 shares in the last quarter. Finally, Park National Corp OH bought a new stake in shares of Old Dominion Freight Line during the 1st quarter valued at about $1,056,000. 77.82% of the stock is owned by institutional investors.

About Old Dominion Freight Line

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.