Old Dominion Freight Line (ODFL) Lifted to Buy at Zacks Investment Research

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, January 6th. The brokerage presently has a $152.00 price target on the transportation company’s stock. Zacks Investment Research‘s target price points to a potential upside of 6.61% from the stock’s current price.

According to Zacks, “Old Dominion Freight Line, Inc. (NASDAQ: ODFL), is a leading, less-than-truckload LTL, union-free company providing super-regional and national LTL service. The company 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. In addition to its core LTL services, OD offers customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage and container delivery and warehousing. In addition, Old Dominion offers a consumer product for household moving: OD Household Services®. Through strategic partnerships, the Company also offers international freight forwarding services throughout the world. OD consistently has one of the lowest claims ratios and best on-time records in the industry. “

A number of other analysts have also recently weighed in on ODFL. Citigroup raised their price objective on shares of Old Dominion Freight Line from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. KeyCorp lifted their target price on shares of Old Dominion Freight Line from $125.00 to $138.00 and gave the company an “overweight” rating in a report on Tuesday, December 5th. Buckingham Research lifted their price objective on shares of Old Dominion Freight Line from $105.00 to $127.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Stifel Nicolaus reiterated a “hold” rating and issued a $111.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, October 26th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $119.00 price objective (up from $110.00) on shares of Old Dominion Freight Line in a research report on Thursday, October 12th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $115.50.

Shares of Old Dominion Freight Line (NASDAQ:ODFL) traded up $1.78 during mid-day trading on Friday, reaching $142.58. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line has a 1 year low of $80.56 and a 1 year high of $142.74. The firm has a market capitalization of $11,750.00, a P/E ratio of 35.12 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, October 26th. The transportation company reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.08. Old Dominion Freight Line had a net margin of 10.43% and a return on equity of 17.09%. The business had revenue of $872.99 million during the quarter, compared to analyst estimates of $855.85 million. During the same quarter last year, the firm posted $1.03 earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. analysts expect that Old Dominion Freight Line will post 4.34 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the stock. Allianz Asset Management GmbH acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at about $1,877,000. Scout Investments Inc. increased its stake in shares of Old Dominion Freight Line by 8.2% during the 3rd quarter. Scout Investments Inc. now owns 126,513 shares of the transportation company’s stock valued at $13,930,000 after acquiring an additional 9,624 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of Old Dominion Freight Line by 6.8% during the 3rd quarter. New York State Common Retirement Fund now owns 301,739 shares of the transportation company’s stock valued at $33,224,000 after acquiring an additional 19,149 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Old Dominion Freight Line by 18.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 208,016 shares of the transportation company’s stock valued at $22,905,000 after acquiring an additional 31,816 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Old Dominion Freight Line by 4.0% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 228,900 shares of the transportation company’s stock valued at $25,205,000 after acquiring an additional 8,865 shares during the last quarter. 72.40% of the stock is owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION WARNING: This news story was originally published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this news story on another site, it was stolen and republished in violation of United States and international copyright law. The original version of this news story can be read at https://www.dispatchtribunal.com/2018/01/16/zacks-investment-research-upgrades-old-dominion-freight-line-odfl-to-buy.html.

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.

Get a free copy of the Zacks research report on Old Dominion Freight Line (ODFL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Old Dominion Freight Line Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Old Dominion Freight Line and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply