Old Dominion Freight Line (NASDAQ:ODFL) Stock Rating Lowered by Wall Street Zen

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

Other equities analysts have also issued reports about the stock. Evercore reiterated an “outperform” rating and issued a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Truist Financial upped their price objective 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. Susquehanna lifted their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Wednesday, August 5th. TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Finally, 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. One research 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $227.65.

Old Dominion Freight Line Stock Up 1.4%

ODFL opened at $175.36 on Friday. The business has a 50 day moving average price of $205.59 and a two-hundred day moving average price of $209.06. The company has a market cap of $36.36 billion, a PE ratio of 33.79, a P/E/G ratio of 2.90 and a beta of 1.16. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. The company 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 company’s revenue was up 10.4% on a year-over-year basis. During the same period last year, the business posted $1.27 EPS. As a group, sell-side analysts expect that Old Dominion Freight Line will post 5.78 EPS for the current fiscal year.

Insider Buying and Selling at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated 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 owned 22,746 shares in the company, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.20% of the stock is currently owned by company insiders.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently added to or reduced their stakes in ODFL. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $3,416,007,000. Boston Partners increased its stake in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after purchasing an additional 2,044,434 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Old Dominion Freight Line by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after purchasing an additional 365,424 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line during the second quarter worth $543,289,000. Finally, Goldman Sachs Group Inc. raised its holdings in Old Dominion Freight Line by 23.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock worth $519,660,000 after purchasing an additional 639,769 shares during 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 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.