Old Dominion Freight Line, Inc. (ODFL) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) from a hold rating to a buy rating in a research note released on Tuesday morning. They currently have $123.00 target price on the transportation company’s stock.
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. “
Several other research analysts also recently commented on the stock. BidaskClub raised shares of Old Dominion Freight Line from a hold rating to a buy rating in a report on Saturday, July 1st. Cowen and Company reissued a hold rating and set a $100.00 price objective on shares of Old Dominion Freight Line in a report on Friday, September 1st. Buckingham Research started coverage on shares of Old Dominion Freight Line in a report on Monday, August 21st. They set a neutral rating and a $105.00 price objective for the company. Stifel Nicolaus reissued a hold rating and set a $91.00 price objective on shares of Old Dominion Freight Line in a report on Friday, July 14th. Finally, Deutsche Bank AG downgraded shares of Old Dominion Freight Line from a buy rating to a hold rating and dropped their price objective for the company from $108.00 to $98.00 in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $99.64.
Shares of Old Dominion Freight Line (ODFL) traded up 0.73% during midday trading on Tuesday, reaching $108.78. The company’s stock had a trading volume of 437,470 shares. The company’s 50-day moving average price is $101.73 and its 200-day moving average price is $93.52. Old Dominion Freight Line has a 12 month low of $68.82 and a 12 month high of $110.45. The company has a market cap of $8.96 billion, a PE ratio of 28.17 and a beta of 1.09.
Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.19 EPS for the quarter, beating the consensus estimate of $1.10 by $0.09. Old Dominion Freight Line had a net margin of 10.19% and a return on equity of 16.87%. The business had revenue of $839.90 million during the quarter, compared to the consensus estimate of $824.68 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The business’s revenue was up 11.2% on a year-over-year basis. On average, equities analysts anticipate that Old Dominion Freight Line will post $4.14 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Friday, September 1st. Old Dominion Freight Line’s payout ratio is 10.39%.
In related news, Vice Chairman David S. Congdon sold 575 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $97.83, for a total value of $56,252.25. Following the completion of the transaction, the insider now owns 9,516 shares of the company’s stock, valued at approximately $930,950.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.00% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Old Dominion Freight Line by 115.7% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,206 shares of the transportation company’s stock valued at $115,000 after acquiring an additional 647 shares during the last quarter. Paradigm Asset Management Co. LLC bought a new stake in Old Dominion Freight Line in the second quarter worth about $157,000. Private Advisor Group LLC bought a new stake in Old Dominion Freight Line in the first quarter worth about $166,000. IFP Advisors Inc lifted its stake in Old Dominion Freight Line by 12.9% in the second quarter. IFP Advisors Inc now owns 2,077 shares of the transportation company’s stock worth $198,000 after purchasing an additional 238 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Old Dominion Freight Line by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,351 shares of the transportation company’s stock worth $224,000 after purchasing an additional 288 shares during the last quarter. 73.84% of the stock is owned by hedge funds and other institutional investors.
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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