Old Dominion Freight Line (NASDAQ:ODFL) Downgraded by Zacks Research to “Hold”

Old Dominion Freight Line (NASDAQ:ODFL) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Other analysts also recently issued reports about the company. Weiss Ratings downgraded Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $244.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Evercore reissued an “outperform” rating and issued a $243.00 price target (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. UBS Group restated a “neutral” rating and set a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $227.65.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $177.46 on Monday. The company has a 50-day moving average price of $198.92 and a 200-day moving average price of $208.04. The stock has a market capitalization of $36.80 billion, a P/E ratio of 34.19, a P/E/G ratio of 2.97 and a beta of 1.16. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business posted $1.27 EPS. The firm’s revenue was up 10.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Old Dominion Freight Line will post 5.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was 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 approximately $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently made changes to their positions in ODFL. BlackRock Inc. bought a new stake in Old Dominion Freight Line in the second quarter worth about $3,416,007,000. Boston Partners raised its holdings in shares of Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after purchasing an additional 2,044,434 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in Old Dominion Freight Line by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after purchasing an additional 365,424 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Old Dominion Freight Line in the second quarter worth $543,289,000. Finally, Goldman Sachs Group Inc. increased its position in Old Dominion Freight Line by 23.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock worth $519,660,000 after buying an additional 639,769 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

About Old Dominion Freight Line

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.