Old Dominion Freight Line (NASDAQ:ODFL) Rating Lowered to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Old Dominion Freight Line to “Hold” from “Buy,” aligning with MarketBeat’s overall consensus “Hold” rating and $226.55 average price target.
• ODFL shares opened at $198.63, below their 50-day and 200-day moving averages, with a 12-month trading range of $126.01 to $252.03.
• The company exceeded quarterly expectations, reporting $1.68 in EPS versus a $1.54 estimate and $1.55 billion in revenue, up 10.4% year over year; however, a senior vice president recently sold nearly 20,000 shares.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

ODFL has been the topic of several other reports. Raymond James Financial restated an "outperform" rating and set a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Jefferies Financial Group reaffirmed a "hold" rating and set a $227.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. The Goldman Sachs Group reiterated a "buy" rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Susquehanna boosted their target price on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Finally, Zacks Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Trading Down 0.7%

Shares of NASDAQ ODFL opened at $198.63 on Friday. The company has a market cap of $41.19 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 3.48 and a beta of 1.18. The stock has a 50-day moving average price of $217.58 and a two-hundred day moving average price of $210.52. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $252.03.

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

Insider Activity

In related news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares in the company, 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 this link. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Large investors have recently bought and sold shares of the stock. AustralianSuper Pty Ltd increased its position in shares of Old Dominion Freight Line by 955.4% during the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock valued at $11,761,000 after purchasing an additional 67,898 shares during the last quarter. Summitry LLC raised its stake in shares of Old Dominion Freight Line by 5.4% during the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company's stock worth $34,210,000 after purchasing an additional 11,223 shares during the period. Partners Group Holding AG boosted its holdings in shares of Old Dominion Freight Line by 37.0% in the 4th quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company's stock worth $30,518,000 after buying an additional 52,514 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Old Dominion Freight Line by 76.3% in the 4th quarter. M&T Bank Corp now owns 15,204 shares of the transportation company's stock worth $2,384,000 after buying an additional 6,582 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Old Dominion Freight Line by 15,188.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company's stock worth $63,956,000 after buying an additional 405,217 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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