Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) were up 5.6% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $117.91 and last traded at $117.23. Approximately 1,095,356 shares were traded during trading, an increase of 138% from the average daily volume of 460,631 shares. The stock had previously closed at $111.03.
The transportation company reported $1.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.08. The business had revenue of $872.99 million for the quarter, compared to analysts’ expectations of $855.85 million. Old Dominion Freight Line had a net margin of 10.19% and a return on equity of 16.87%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.03 earnings per share.
Several research analysts have recently issued reports on the stock. Buckingham Research upped their target price on shares of Old Dominion Freight Line from $105.00 to $127.00 and gave the stock a “neutral” rating in a research note on Friday. Citigroup Inc. upped their target price on shares of Old Dominion Freight Line from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday. Stifel Nicolaus reiterated a “hold” rating and issued a $111.00 target price on shares of Old Dominion Freight Line in a research note on Thursday. KeyCorp reiterated a “buy” rating and issued a $115.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, October 12th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $119.00 target price (up previously from $110.00) on shares of Old Dominion Freight Line in a research note on Thursday, October 12th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $108.23.
In related news, Vice Chairman David S. Congdon sold 575 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $97.83, for a total transaction of $56,252.25. Following the transaction, the insider now owns 9,516 shares in the company, valued at $930,950.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.00% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. lifted its position in Old Dominion Freight Line by 115.7% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,206 shares of the transportation company’s stock valued at $115,000 after purchasing an additional 647 shares during the period. Paradigm Asset Management Co. LLC bought a new position in Old Dominion Freight Line during the second quarter valued at approximately $157,000. Reliance Trust Co. of Delaware bought a new position in Old Dominion Freight Line during the third quarter valued at approximately $208,000. Stearns Financial Services Group bought a new position in Old Dominion Freight Line during the third quarter valued at approximately $209,000. Finally, IFP Advisors Inc lifted its position in Old Dominion Freight Line by 12.9% during the second quarter. IFP Advisors Inc now owns 2,077 shares of the transportation company’s stock valued at $198,000 after purchasing an additional 238 shares during the period. Institutional investors own 73.77% of the company’s stock.
The company has a market cap of $10.20 billion, a P/E ratio of 32.07 and a beta of 1.09. The firm’s 50-day moving average price is $106.59 and its 200 day moving average price is $96.08.
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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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