Old Dominion Freight Line Inc. (NASDAQ:ODFL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” 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 also recently issued research reports about the stock. Deutsche Bank AG initiated coverage on shares of Old Dominion Freight Line in a report on Wednesday, November 2nd. They issued a “buy” rating and a $90.00 target price on the stock. KeyCorp reaffirmed a “buy” rating and issued a $75.00 target price on shares of Old Dominion Freight Line in a report on Sunday, October 9th. Cowen and Company lifted their target price on shares of Old Dominion Freight Line from $63.00 to $73.00 and gave the company a “market perform” rating in a report on Thursday, July 28th. Finally, Bank of America Corp. downgraded shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating in a report on Friday, October 28th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $73.50.

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

Shares of Old Dominion Freight Line (NASDAQ:ODFL) opened at 88.23 on Wednesday. The firm has a 50-day moving average of $75.86 and a 200-day moving average of $68.22. The firm has a market cap of $7.27 billion, a P/E ratio of 24.65 and a beta of 0.95. Old Dominion Freight Line has a 12-month low of $48.92 and a 12-month high of $88.30.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Thursday, October 27th. The company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.06. The business had revenue of $782.60 million for the quarter, compared to the consensus estimate of $319.94 million. Old Dominion Freight Line had a net margin of 10.05% and a return on equity of 17.31%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.99 earnings per share. On average, equities analysts forecast that Old Dominion Freight Line will post $3.60 earnings per share for the current fiscal year.

In other Old Dominion Freight Line news, Vice Chairman David S. Congdon sold 815 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $74.67, for a total transaction of $60,856.05. Following the completion of the transaction, the insider now owns 5,334 shares in the company, valued at $398,289.78. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman David S. Congdon sold 2,400 shares of Old Dominion Freight Line stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $86.56, for a total transaction of $207,744.00. Following the transaction, the insider now owns 5,334 shares of the company’s stock, valued at approximately $461,711.04. The disclosure for this sale can be found here. Company insiders own 14.60% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in Old Dominion Freight Line by 3.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 7,106,576 shares of the company’s stock worth $487,582,000 after buying an additional 269,482 shares in the last quarter. Capital Research Global Investors raised its position in Old Dominion Freight Line by 0.5% in the second quarter. Capital Research Global Investors now owns 6,627,259 shares of the company’s stock worth $399,690,000 after buying an additional 34,505 shares in the last quarter. BlackRock Fund Advisors raised its position in Old Dominion Freight Line by 5.6% in the third quarter. BlackRock Fund Advisors now owns 2,526,557 shares of the company’s stock worth $173,347,000 after buying an additional 134,266 shares in the last quarter. JPMorgan Chase & Co. raised its position in Old Dominion Freight Line by 5.6% in the second quarter. JPMorgan Chase & Co. now owns 2,334,603 shares of the company’s stock worth $140,798,000 after buying an additional 124,270 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in Old Dominion Freight Line by 2.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,018,131 shares of the company’s stock worth $121,713,000 after buying an additional 46,535 shares in the last quarter. Institutional investors own 77.06% of the company’s stock.

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About Old Dominion Freight Line

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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