Old Dominion Freight Line (NASDAQ:ODFL) Stock Lifted to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a buy rating in a research report report published on Saturday,Wall Street Zen reports.

A number of other equities research analysts also recently issued reports on the company. Truist Financial set a $230.00 price objective on Old Dominion Freight Line and gave the stock a “buy” rating in a research report on Wednesday, October 7th. Stifel Nicolaus set a $230.00 price objective on Old Dominion Freight Line and gave the company a “buy” rating in a research note on Thursday, October 8th. Barclays boosted their target price on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. Citigroup upgraded Old Dominion Freight Line from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $231.00 to $223.00 in a research note on Tuesday, September 8th. Finally, UBS Group restated a “neutral” rating and issued a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Ten research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $223.48.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $187.72 on Friday. The firm has a fifty day moving average price of $188.60 and a two-hundred day moving average price of $207.59. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The company has a market cap of $38.93 billion, a price-to-earnings ratio of 36.17, a PEG ratio of 3.11 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.27 EPS. Equities research analysts expect that Old Dominion Freight Line will post 5.86 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Insider Buying and Selling

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nykredit A S purchased a new stake in Old Dominion Freight Line during the 2nd quarter valued at about $16,333,000. Compass Financial Management LLC purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $2,158,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $42,410,000. Park National Corp OH purchased a new position in Old Dominion Freight Line in the 1st quarter worth approximately $1,056,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Old Dominion Freight Line by 14.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company’s stock valued at $241,367,000 after purchasing an additional 142,809 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.