Old Dominion Freight Line (NASDAQ:ODFL) Raised to "Hold" at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein upgraded Old Dominion Freight Line to “Hold,” while analysts overall maintain an average “Hold” rating and a consensus price target of $227.65.
• Old Dominion reported quarterly EPS of $1.68, beating estimates by $0.14, as revenue rose 10.4% year over year to $1.55 billion.
• The stock opened at $179.79, below its 50-day and 200-day moving averages, while institutional investors own approximately 77.82% of shares.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) was upgraded by equities research analysts at Sanford C. Bernstein to a "hold" rating in a research note issued to investors on Thursday, Zacks reports.

Several other equities research analysts also recently commented on ODFL. BMO Capital Markets reaffirmed an "outperform" rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and lifted their target price for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Barclays boosted their price target on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Susquehanna upped their price target on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Wednesday, August 5th. Finally, Zacks Research raised shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $227.65.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $179.79 on Thursday. The company has a market capitalization of $37.28 billion, a P/E ratio of 34.64, a P/E/G ratio of 3.03 and a beta of 1.16. The business has a fifty day simple moving average of $211.11 and a two-hundred day simple moving average of $209.96. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the prior year, the firm earned $1.27 EPS. The business's revenue for the quarter was up 10.4% compared to the same quarter last year. As a group, analysts anticipate that Old Dominion Freight Line will post 5.78 earnings per share for the current year.

Insider Buying and Selling at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president directly owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently bought and sold shares of ODFL. Bogart Wealth LLC grew its position in Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after buying an additional 46 shares in the last quarter. Private Advisor Group LLC lifted its position in Old Dominion Freight Line by 1.3% during the first quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock valued at $814,000 after purchasing an additional 55 shares during the last quarter. Keybank National Association OH grew its stake in Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock worth $479,000 after buying an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators grew its stake in Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock worth $101,000 after buying an additional 57 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after buying an additional 62 shares during the last quarter. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.

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