Old Dominion Freight Line, Inc. (ODFL) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) from a buy rating to a hold rating in a research 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. “

A number of other equities analysts also recently issued reports on the company. Bank of America Corporation downgraded 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. Deutsche Bank AG started coverage on Old Dominion Freight Line in a report on Wednesday, November 2nd. They set a buy rating and a $90.00 price target for the company. KeyCorp raised their price target on Old Dominion Freight Line from $91.00 to $95.00 and gave the company an overweight rating in a report on Tuesday, November 29th. Seaport Global Securities restated a buy rating and set a $105.00 price target on shares of Old Dominion Freight Line in a report on Friday, December 16th. Finally, Credit Suisse Group restated a buy rating and set a $92.00 price target on shares of Old Dominion Freight Line in a report on Sunday, February 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Old Dominion Freight Line presently has an average rating of Buy and a consensus target price of $89.86.

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

Shares of Old Dominion Freight Line (NASDAQ:ODFL) opened at 92.30 on Wednesday. The company has a 50-day moving average price of $87.88 and a 200-day moving average price of $78.09. Old Dominion Freight Line has a 52 week low of $56.74 and a 52 week high of $92.50. The company has a market capitalization of $7.60 billion, a PE ratio of 25.93 and a beta of 1.02.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, February 2nd. The company reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by $0.03. The firm earned $745.74 million during the quarter, compared to the consensus estimate of $739.36 million. Old Dominion Freight Line had a return on equity of 16.69% and a net margin of 9.89%. Old Dominion Freight Line’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.85 EPS. Analysts predict that Old Dominion Freight Line will post $3.95 earnings per share for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Shareholders of record on Monday, March 6th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $0.40 annualized dividend and a yield of 0.43%.

In other news, 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 directly owns 5,334 shares of the company’s stock, valued at approximately $461,711.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman David S. Congdon sold 40,000 shares of Old Dominion Freight Line stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $85.27, for a total value of $3,410,800.00. Following the transaction, the insider now directly owns 5,334 shares in the company, valued at $454,830.18. The disclosure for this sale can be found here. Company insiders own 14.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. boosted its position in Old Dominion Freight Line by 21.0% in the third quarter. Advisor Group Inc. now owns 1,604 shares of the company’s stock worth $110,000 after buying an additional 278 shares during the last quarter. FTB Advisors Inc. increased its stake in shares of Old Dominion Freight Line by 21.2% in the third quarter. FTB Advisors Inc. now owns 1,872 shares of the company’s stock valued at $129,000 after buying an additional 328 shares during the period. Smithfield Trust Co. increased its stake in shares of Old Dominion Freight Line by 14.2% in the second quarter. Smithfield Trust Co. now owns 2,927 shares of the company’s stock valued at $176,000 after buying an additional 365 shares during the period. Columbia Asset Management acquired a new stake in shares of Old Dominion Freight Line during the third quarter valued at about $213,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Old Dominion Freight Line by 21.1% in the third quarter. Tower Research Capital LLC TRC now owns 3,118 shares of the company’s stock valued at $214,000 after buying an additional 543 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

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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