Old Dominion Freight Line’s (ODFL) Outperform Rating Reaffirmed at Credit Suisse Group

Old Dominion Freight Line, Inc. (NASDAQ:ODFL)‘s stock had its “outperform” rating restated by analysts at Credit Suisse Group in a research report issued to clients and investors on Thursday. They currently have a $119.00 price objective on the transportation company’s stock, up from their prior price objective of $110.00. Credit Suisse Group’s price objective would suggest a potential upside of 9.77% from the company’s current price. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also weighed in on the stock. BidaskClub upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Cowen and Company restated a “hold” rating and issued a $100.00 target price on shares of Old Dominion Freight Line in a report on Friday, September 1st. Buckingham Research initiated coverage on shares of Old Dominion Freight Line in a report on Monday, August 21st. They issued a “neutral” rating and a $105.00 target price on the stock. Zacks Investment Research upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Tuesday, July 11th. Finally, Bank of America Corporation lowered shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $105.00 to $102.00 in a report on Tuesday. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Old Dominion Freight Line presently has a consensus rating of “Hold” and an average target price of $102.08.

Old Dominion Freight Line (NASDAQ:ODFL) opened at 108.41 on Thursday. The company has a market cap of $8.93 billion, a PE ratio of 28.08 and a beta of 1.09. Old Dominion Freight Line has a 12-month low of $68.82 and a 12-month high of $110.45. The company’s 50-day moving average price is $103.31 and its 200-day moving average price is $94.25.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Thursday, July 27th. The transportation company reported $1.19 earnings per share for the quarter, topping 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 analyst estimates of $824.68 million. During the same quarter in the prior year, the business posted $0.98 EPS. The firm’s revenue was up 11.2% compared to the same quarter last year. Equities analysts anticipate that Old Dominion Freight Line will post $4.15 earnings per share for the current year.

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In other Old Dominion Freight Line news, Vice Chairman David S. Congdon sold 575 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 9,516 shares of the company’s stock, valued at approximately $930,950.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 12.00% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in shares of Old Dominion Freight Line by 11.4% during the 2nd quarter. Pacer Advisors Inc. now owns 12,184 shares of the transportation company’s stock valued at $1,160,000 after acquiring an additional 1,243 shares during the period. Prudential Financial Inc. grew its position in shares of Old Dominion Freight Line by 228.1% during the 2nd quarter. Prudential Financial Inc. now owns 159,872 shares of the transportation company’s stock valued at $15,226,000 after acquiring an additional 111,140 shares during the period. Principal Financial Group Inc. grew its position in shares of Old Dominion Freight Line by 4.1% during the 2nd quarter. Principal Financial Group Inc. now owns 294,986 shares of the transportation company’s stock valued at $28,094,000 after acquiring an additional 11,734 shares during the period. Whittier Trust Co. grew its position in shares of Old Dominion Freight Line by 2.6% during the 2nd quarter. Whittier Trust Co. now owns 31,821 shares of the transportation company’s stock valued at $3,031,000 after acquiring an additional 809 shares during the period. Finally, Paradigm Asset Management Co. LLC bought a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $157,000. 73.84% of the stock is owned by hedge funds and other institutional investors.

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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