BidaskClub Upgrades Old Dominion Freight Line, Inc. (ODFL) to “Hold”

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

Other analysts also recently issued reports about the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $91.00 price objective on shares of Old Dominion Freight Line in a report on Friday, July 14th. Bank of America Corporation upgraded shares of Old Dominion Freight Line from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $83.00 to $96.00 in a report on Tuesday, June 6th. Zacks Investment Research downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Cowen and Company lifted their price objective on shares of Old Dominion Freight Line from $88.00 to $92.00 and gave the company a “market perform” rating in a report on Thursday, April 27th. Finally, Deutsche Bank AG downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and lowered their price objective for the company from $108.00 to $98.00 in a report on Monday, July 31st. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $97.67.

Shares of Old Dominion Freight Line (NASDAQ ODFL) opened at 95.43 on Wednesday. The company has a market capitalization of $7.86 billion, a P/E ratio of 24.72 and a beta of 1.08. The firm has a 50-day moving average of $97.20 and a 200 day moving average of $90.70. Old Dominion Freight Line has a 52-week low of $66.33 and a 52-week high of $103.51.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $839.90 million for the quarter, compared to the consensus estimate of $824.68 million. During the same period last year, the company earned $0.98 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. On average, analysts anticipate that Old Dominion Freight Line will post $4.14 EPS for the current year.

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In related news, Vice Chairman David S. Congdon sold 575 shares of the firm’s stock in a transaction on 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 directly owns 9,516 shares of the company’s stock, valued at $930,950.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.00% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new position in Old Dominion Freight Line during the second quarter worth approximately $590,000. Wasatch Advisors Inc. boosted its position in Old Dominion Freight Line by 5.3% in the second quarter. Wasatch Advisors Inc. now owns 799,843 shares of the transportation company’s stock worth $76,177,000 after buying an additional 39,954 shares during the period. Ameritas Investment Partners Inc. boosted its position in Old Dominion Freight Line by 0.9% in the second quarter. Ameritas Investment Partners Inc. now owns 33,124 shares of the transportation company’s stock worth $3,154,000 after buying an additional 304 shares during the period. The Manufacturers Life Insurance Company boosted its position in Old Dominion Freight Line by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 102,304 shares of the transportation company’s stock worth $9,743,000 after buying an additional 1,729 shares during the period. Finally, BlueCrest Capital Management Ltd bought a new position in Old Dominion Freight Line during the second quarter worth approximately $233,000. 75.07% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

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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