Old Dominion Freight Line (ODFL) Downgraded to “Hold” at Zacks Investment Research

Old Dominion Freight Line (NASDAQ:ODFL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, January 5th.

According to Zacks, “Old Dominion Freight Line, Inc. (NASDAQ: ODFL), is a leading, less-than-truckload LTL, union-free company providing super-regional and national LTL service. The company is an inter-regional and multi-regional motor carrier transporting primarily less-than-truckload shipments of general commodities, including consumer goods, textiles and capital goods to a diversified customer base. In addition to its core LTL services, OD offers customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage and container delivery and warehousing. In addition, Old Dominion offers a consumer product for household moving: OD Household Services®. Through strategic partnerships, the Company also offers international freight forwarding services throughout the world. OD consistently has one of the lowest claims ratios and best on-time records in the industry. “

Several other equities analysts have also recently issued reports on ODFL. Morgan Stanley boosted their price objective on shares of Old Dominion Freight Line from $87.00 to $91.00 and gave the company an “overweight” rating in a research note on Thursday, October 5th. Robert W. Baird reissued a “hold” rating and issued a $113.00 price objective on shares of Old Dominion Freight Line in a research note on Friday, October 6th. Bank of America cut shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $105.00 to $102.00 in a research note on Tuesday, October 10th. They noted that the move was a valuation call. Credit Suisse Group reissued an “outperform” rating and issued a $119.00 price objective (up from $110.00) on shares of Old Dominion Freight Line in a research note on Thursday, October 12th. They noted that the move was a valuation call. Finally, KeyCorp restated a “buy” rating and issued a $115.00 target price on shares of Old Dominion Freight Line in a report on Thursday, October 12th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. Old Dominion Freight Line has an average rating of “Hold” and a consensus target price of $115.50.

Shares of Old Dominion Freight Line (ODFL) opened at $142.58 on Friday. Old Dominion Freight Line has a 12-month low of $80.56 and a 12-month high of $142.74. The company has a market cap of $11,745.16, a price-to-earnings ratio of 35.12 and a beta of 1.20. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.44 and a quick ratio of 1.44.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Thursday, October 26th. The transportation company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.16 by $0.08. The firm had revenue of $872.99 million during the quarter, compared to the consensus estimate of $855.85 million. Old Dominion Freight Line had a net margin of 10.43% and a return on equity of 17.09%. Old Dominion Freight Line’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 EPS. equities analysts forecast that Old Dominion Freight Line will post 4.34 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. lifted its holdings in shares of Old Dominion Freight Line by 0.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,590 shares of the transportation company’s stock worth $534,000 after acquiring an additional 49 shares during the period. D.A. Davidson & CO. lifted its holdings in shares of Old Dominion Freight Line by 4.3% during the 2nd quarter. D.A. Davidson & CO. now owns 4,738 shares of the transportation company’s stock worth $451,000 after acquiring an additional 194 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Old Dominion Freight Line by 14.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,351 shares of the transportation company’s stock worth $224,000 after acquiring an additional 288 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of Old Dominion Freight Line by 0.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 33,124 shares of the transportation company’s stock worth $3,154,000 after acquiring an additional 304 shares during the period. Finally, Mesirow Financial Investment Management Equity Management increased its position in Old Dominion Freight Line by 2.7% during the 3rd quarter. Mesirow Financial Investment Management Equity Management now owns 15,995 shares of the transportation company’s stock worth $1,761,000 after purchasing an additional 425 shares in the last quarter. Institutional investors and hedge funds own 72.40% of the company’s stock.

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Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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Analyst Recommendations for Old Dominion Freight Line (NASDAQ:ODFL)

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