Old Dominion Freight Line Inc. (ODFL) Cut to Sell at Zacks Investment Research
Old Dominion Freight Line Inc. (NASDAQ:ODFL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Old Dominion Freight Line, Inc. 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. “
Other analysts have also issued research reports about the company. Cowen and Company boosted their price target on Old Dominion Freight Line from $63.00 to $73.00 and gave the company a “market perform” rating in a research note on Thursday, July 28th. Longbow Research reaffirmed a “buy” rating on shares of Old Dominion Freight Line in a research note on Thursday, June 2nd. Finally, Deutsche Bank AG boosted their price target on Old Dominion Freight Line from $67.00 to $71.00 and gave the company a “hold” rating in a research note on Friday, July 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $68.00.
Old Dominion Freight Line (NASDAQ:ODFL) opened at 66.98 on Wednesday. The company’s 50-day moving average price is $69.23 and its 200-day moving average price is $66.19. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of 18.96 and a beta of 1.25. Old Dominion Freight Line has a 12-month low of $48.92 and a 12-month high of $72.45.
Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.03. The business had revenue of $755.40 million for the quarter, compared to analyst estimates of $754.33 million. Old Dominion Freight Line had a return on equity of 17.61% and a net margin of 10.02%. Old Dominion Freight Line’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.00 EPS. Equities analysts expect that Old Dominion Freight Line will post $3.54 EPS for the current fiscal year.
In other news, insider John R. Congdon, Jr. sold 23,100 shares of the business’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $69.92, for a total transaction of $1,615,152.00. Following the completion of the sale, the insider now owns 1,494 shares in the company, valued at $104,460.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jeffrey W. Congdon sold 24,555 shares of the business’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $69.84, for a total value of $1,714,921.20. The disclosure for this sale can be found here. Insiders own 14.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. purchased a new stake in Old Dominion Freight Line during the second quarter worth $109,000. Manchester Capital Management LLC bought a new stake in Old Dominion Freight Line during the first quarter worth approximately $116,000. Tower Research Capital LLC TRC increased its stake in Old Dominion Freight Line by 223.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,575 shares of the company’s stock worth $155,000 after buying an additional 1,779 shares in the last quarter. Smithfield Trust Co. increased its stake in Old Dominion Freight Line by 14.2% in the second quarter. Smithfield Trust Co. now owns 2,927 shares of the company’s stock worth $176,000 after buying an additional 365 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Old Dominion Freight Line during the second quarter worth approximately $250,000. Institutional investors own 76.82% of the company’s stock.
Old Dominion Freight Line Company Profile
Old Dominion Freight Line, Inc is a less-than-truckload (LTL), union-free motor carrier company. The Company provides regional, inter-regional and national LTL services, which include ground and air expedited transportation, and consumer household pickup and delivery. The Company offers a range of other services that include container drayage, truckload brokerage, supply chain consulting and warehousing.
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