Old Dominion Freight Line (NASDAQ:ODFL) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a strong sell rating to a hold rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the stock. Susquehanna restated a “neutral” rating and set a $205.00 target price (up previously from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday. Wall Street Zen raised shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Sunday, January 25th. Wells Fargo & Company increased their price target on Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a research note on Thursday, February 5th. Deutsche Bank Aktiengesellschaft downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective on the stock. in a research report on Thursday, February 5th. Finally, Evercore upped their price objective on Old Dominion Freight Line from $150.00 to $200.00 and gave the stock an “in-line” rating in a research note on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $188.57.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $194.46 on Tuesday. The business’s fifty day moving average is $169.76 and its 200 day moving average is $152.25. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $209.61. The company has a market capitalization of $40.66 billion, a PE 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 issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the business posted $1.23 earnings per share. The business’s quarterly revenue was down 5.7% on a year-over-year basis. On average, sell-side analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 23.19%.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors have recently added to or reduced their stakes in ODFL. Norges Bank bought a new stake in Old Dominion Freight Line in the 4th quarter worth approximately $444,983,000. Boston Partners bought a new stake in Old Dominion Freight Line in the third quarter worth $292,599,000. Two Sigma Investments LP raised its stake in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after purchasing an additional 1,362,697 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in Old Dominion Freight Line during the fourth quarter valued at $188,651,000. Finally, Franklin Resources Inc. lifted its position in Old Dominion Freight Line by 122.9% during the fourth quarter. Franklin Resources Inc. now owns 1,822,304 shares of the transportation company’s stock valued at $285,737,000 after purchasing an additional 1,004,609 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 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.