Old Dominion Freight Line (NASDAQ:ODFL) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Several other research firms have also issued reports on ODFL. UBS Group increased their target price on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Susquehanna upped their price target on Old Dominion Freight Line from $155.00 to $156.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 10th. Vertical Research upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Thursday, July 31st. The Goldman Sachs Group dropped their price target on Old Dominion Freight Line from $186.00 to $181.00 in a research note on Thursday, October 30th. Finally, Morgan Stanley dropped their price target on Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average price target of $159.33.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $137.51 on Friday. Old Dominion Freight Line has a 52 week low of $133.69 and a 52 week high of $233.26. The firm has a market capitalization of $28.90 billion, a P/E ratio of 27.67, a PEG ratio of 3.22 and a beta of 1.19. The company has a quick ratio of 1.38, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $142.51 and a 200-day moving average price of $153.42.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm earned $1.43 EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 22.54%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Old Dominion Freight Line by 0.4% in the second quarter. Vanguard Group Inc. now owns 22,758,247 shares of the transportation company’s stock worth $3,693,663,000 after buying an additional 91,842 shares during the last quarter. Invesco Ltd. lifted its position in Old Dominion Freight Line by 1.3% in the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company’s stock worth $706,841,000 after buying an additional 53,079 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Old Dominion Freight Line by 20.3% in the second quarter. JPMorgan Chase & Co. now owns 2,922,313 shares of the transportation company’s stock worth $474,292,000 after buying an additional 492,563 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Old Dominion Freight Line by 79.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company’s stock worth $430,006,000 after buying an additional 1,151,221 shares during the last quarter. Finally, Norges Bank bought a new stake in Old Dominion Freight Line in the second quarter worth $371,961,000. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.