BidaskClub Lowers Old Dominion Freight Line, Inc. (NASDAQ:ODFL) to Sell

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday, August 4th.

Several other brokerages also recently commented on ODFL. Bank of America Corporation raised Old Dominion Freight Line from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $83.00 to $96.00 in a research note on Tuesday, June 6th. Zacks Investment Research raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Thursday, April 13th. Cowen and Company boosted their target price on Old Dominion Freight Line from $88.00 to $92.00 and gave the stock a “market perform” rating in a research note on Thursday, April 27th. Stifel Nicolaus reissued a “hold” rating and set a $91.00 target price on shares of Old Dominion Freight Line in a research note on Friday, July 14th. Finally, Deutsche Bank AG downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and lowered their target price for the stock from $108.00 to $98.00 in a research note on Monday, July 31st. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $97.67.

Shares of Old Dominion Freight Line (ODFL) traded down 0.67% during midday trading on Friday, hitting $94.79. 323,471 shares of the company were exchanged. The company has a market capitalization of $7.81 billion, a P/E ratio of 24.55 and a beta of 1.08. Old Dominion Freight Line has a one year low of $66.33 and a one year high of $103.51. The company has a 50-day moving average of $97.19 and a 200 day moving average of $90.74.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.19 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.09. The business had revenue of $839.90 million during the quarter, compared to the consensus estimate of $824.68 million. Old Dominion Freight Line had a return on equity of 16.87% and a net margin of 10.19%. Old Dominion Freight Line’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 earnings per share. On average, equities research analysts expect that Old Dominion Freight Line will post $4.14 earnings per share for the current fiscal year.

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In other Old Dominion Freight Line news, Vice Chairman David S. Congdon sold 575 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $97.83, for a total transaction of $56,252.25. Following the transaction, the insider now directly owns 9,516 shares in the company, valued at approximately $930,950.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.00% of the company’s stock.

Several institutional investors have recently bought and sold shares of ODFL. Glen Harbor Capital Management LLC boosted its position in Old Dominion Freight Line by 3.0% in the first quarter. Glen Harbor Capital Management LLC now owns 22,682 shares of the transportation company’s stock worth $1,941,000 after buying an additional 660 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of Old Dominion Freight Line during the first quarter worth $311,000. Fisher Asset Management LLC raised its position in shares of Old Dominion Freight Line by 2.3% in the first quarter. Fisher Asset Management LLC now owns 5,877 shares of the transportation company’s stock worth $503,000 after buying an additional 130 shares during the last quarter. Covenant Asset Management LLC purchased a new position in shares of Old Dominion Freight Line during the first quarter worth $1,221,000. Finally, Dalton Greiner Hartman Maher & Co. raised its position in shares of Old Dominion Freight Line by 2.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 232,484 shares of the transportation company’s stock worth $19,894,000 after buying an additional 5,483 shares during the last quarter. Hedge funds and other institutional investors own 75.07% of the company’s stock.

About Old Dominion Freight Line

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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