Old Dominion Freight Line (ODFL) Rating Increased to Buy at Zacks Investment Research

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, January 6th. The brokerage currently has a $152.00 price target on the transportation company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 6.61% from the company’s current price.

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. “

A number of other research analysts have also recently weighed in on ODFL. Stifel Nicolaus reissued a “hold” rating and set a $111.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, October 26th. ValuEngine cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Robert W. Baird reissued a “hold” rating and set a $113.00 price objective on shares of Old Dominion Freight Line in a research note on Friday, October 6th. Morgan Stanley raised their price objective on shares of Old Dominion Freight Line from $87.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, October 5th. Finally, Buckingham Research raised their price objective on shares of Old Dominion Freight Line from $105.00 to $127.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Old Dominion Freight Line currently has an average rating of “Hold” and a consensus price target of $115.50.

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

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Thursday, October 26th. The transportation company reported $1.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.08. Old Dominion Freight Line had a net margin of 10.43% and a return on equity of 17.09%. The business had revenue of $872.99 million during the quarter, compared to analysts’ expectations of $855.85 million. During the same period last year, the company posted $1.03 EPS. The company’s revenue was up 11.5% on a year-over-year basis. sell-side analysts anticipate that Old Dominion Freight Line will post 4.34 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its holdings in shares of Old Dominion Freight Line by 0.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,590 shares of the transportation company’s stock valued at $534,000 after purchasing an additional 49 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Old Dominion Freight Line by 4.3% in the 2nd quarter. D.A. Davidson & CO. now owns 4,738 shares of the transportation company’s stock valued at $451,000 after purchasing an additional 194 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Old Dominion Freight Line by 14.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,351 shares of the transportation company’s stock valued at $224,000 after purchasing an additional 288 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Old Dominion Freight Line by 0.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 33,124 shares of the transportation company’s stock valued at $3,154,000 after purchasing an additional 304 shares during the last quarter. Finally, Mesirow Financial Investment Management Equity Management boosted its holdings in shares of Old Dominion Freight Line by 2.7% in the 3rd quarter. Mesirow Financial Investment Management Equity Management now owns 15,995 shares of the transportation company’s stock valued at $1,761,000 after purchasing an additional 425 shares during the last quarter. 72.40% of the stock is owned by hedge funds and other institutional investors.

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About Old Dominion Freight Line

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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