Old Dominion Freight Line (ODFL) Stock Rating Upgraded by 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 note issued to investors on Thursday. The firm presently has a $166.00 price target on the transportation company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 7.66% from the company’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. “

Other equities research analysts have also recently issued research reports about the company. Argus started coverage on Old Dominion Freight Line in a research note on Wednesday. They set a “buy” rating and a $175.00 target price for the company. ValuEngine raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. BidaskClub cut Old Dominion Freight Line from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 27th. Robert W. Baird reaffirmed a “hold” rating and issued a $145.00 price objective on shares of Old Dominion Freight Line in a research note on Tuesday, April 10th. Finally, Cowen reaffirmed a “market perform” rating and issued a $145.00 price objective (up from $136.00) on shares of Old Dominion Freight Line in a research note on Monday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Old Dominion Freight Line presently has an average rating of “Hold” and an average target price of $142.00.

ODFL stock opened at $154.19 on Thursday. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.02. The firm has a market cap of $12.62 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 1.03 and a beta of 1.20. Old Dominion Freight Line has a 52-week low of $88.47 and a 52-week high of $154.99.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Thursday, April 26th. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.03. The company had revenue of $925.02 million during the quarter, compared to analysts’ expectations of $925.83 million. Old Dominion Freight Line had a return on equity of 18.47% and a net margin of 14.38%. The firm’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. equities research analysts anticipate that Old Dominion Freight Line will post 6.4 earnings per share for the current fiscal year.

Old Dominion Freight Line announced that its Board of Directors has authorized a share buyback plan on Thursday, May 17th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the transportation company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

In related news, Director Leo H. Suggs sold 800 shares of Old Dominion Freight Line stock in a transaction on Wednesday, May 23rd. The stock was sold at an average price of $148.44, for a total value of $118,752.00. Following the completion of the transaction, the director now directly owns 5,679 shares in the company, valued at $842,990.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 12.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. boosted its holdings in Old Dominion Freight Line by 31.1% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,656 shares of the transportation company’s stock valued at $218,000 after purchasing an additional 393 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Old Dominion Freight Line by 19.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,625 shares of the transportation company’s stock valued at $386,000 after purchasing an additional 423 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Old Dominion Freight Line by 1.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 42,264 shares of the transportation company’s stock valued at $5,560,000 after purchasing an additional 453 shares during the period. CIBC Asset Management Inc boosted its holdings in Old Dominion Freight Line by 17.5% in the first quarter. CIBC Asset Management Inc now owns 3,165 shares of the transportation company’s stock valued at $465,000 after purchasing an additional 472 shares during the period. Finally, Amalgamated Bank boosted its holdings in Old Dominion Freight Line by 3.7% in the first quarter. Amalgamated Bank now owns 13,223 shares of the transportation company’s stock valued at $1,943,000 after purchasing an additional 472 shares during the period. Hedge funds and other institutional investors own 74.57% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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