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

Key Points

• Wall Street Zen downgraded Old Dominion Freight Line from “buy” to “hold,” aligning with the broader analyst consensus. MarketBeat reports 13 hold ratings, 11 buy or strong-buy ratings, and two sell ratings, with an average price target of $227.65.
• Old Dominion’s latest quarterly results exceeded expectations, with adjusted EPS of $1.68 versus the $1.54 estimate and revenue of $1.55 billion. Revenue increased 10.4% year over year, while analysts expect full-year EPS of $5.78.
• The stock opened at $173, substantially below its 50-day and 200-day moving averages of $206.74 and $209.27, respectively. An insider also sold nearly 20,000 shares, while institutional investors own 77.82% of the company.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday, Wall Street Zen reports.

A number of other equities research analysts have also issued reports on the stock. Truist Financial increased their target price on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $234.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Bank of America cut their price objective on Old Dominion Freight Line from $240.00 to $205.00 in a research report on Friday, September 4th. TD Cowen reiterated a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Finally, Wells Fargo & Company raised Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have given 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 an average target price of $227.65.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $173.00 on Friday. The company has a market cap of $35.87 billion, a P/E ratio of 33.33, a P/E/G ratio of 2.90 and a beta of 1.16. The stock has a 50-day moving average of $206.74 and a two-hundred day moving average of $209.27. 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 posted 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 analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.27 earnings per share. On average, analysts anticipate that Old Dominion Freight Line will post 5.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction dated 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 directly owned 22,746 shares of the company's stock, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Summitry LLC boosted its holdings in shares of Old Dominion Freight Line by 5.4% in the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company's stock valued at $34,210,000 after buying an additional 11,223 shares in the last quarter. Park National Corp OH acquired a new stake in Old Dominion Freight Line during the 1st quarter worth $1,056,000. Erste Asset Management GmbH raised its stake in Old Dominion Freight Line by 275.9% during the 4th quarter. Erste Asset Management GmbH now owns 61,040 shares of the transportation company's stock worth $9,573,000 after acquiring an additional 44,800 shares in the last quarter. WINTON GROUP Ltd lifted its position in Old Dominion Freight Line by 107.2% in the fourth quarter. WINTON GROUP Ltd now owns 15,497 shares of the transportation company's stock valued at $2,430,000 after acquiring an additional 8,016 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Old Dominion Freight Line by 346.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 936,308 shares of the transportation company's stock valued at $146,813,000 after acquiring an additional 726,576 shares during the last quarter. Hedge funds and other 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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