Old Dominion Freight Line (NASDAQ:ODFL) Stock Rating Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Old Dominion Freight Line from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with 10 buy ratings, 14 hold ratings, two sell ratings, and an average price target of $227.65.
• Old Dominion reported quarterly EPS of $1.68, beating expectations of $1.54, while revenue rose 10.4% year over year to $1.55 billion. Analysts expect full-year EPS of approximately $5.78.
• The stock opened at $177.46, below its 50-day and 200-day moving averages, while an executive sold nearly $4.0 million in shares; institutional investors own 77.82% of the company.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Monday, Zacks reports.

A number of other equities analysts have also commented on ODFL. Truist Financial lifted their price objective on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. TD Cowen restated a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the stock a "buy" rating in a research report on Thursday, July 30th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus price target of $227.65.

Old Dominion Freight Line Stock Up 0.3%

NASDAQ ODFL opened at $177.46 on Monday. The company has a market capitalization of $36.80 billion, a price-to-earnings ratio of 34.19, a PEG ratio of 2.97 and a beta of 1.16. Old Dominion Freight Line has a twelve month low of $126.01 and a twelve month high of $252.03. The stock has a fifty day simple moving average of $198.92 and a 200 day simple moving average of $208.04.

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

Insider Buying and Selling at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth about $3,416,007,000. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $543,289,000. Boston Partners boosted its holdings in Old Dominion Freight Line by 98.4% in the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock worth $648,186,000 after acquiring an additional 2,044,434 shares in the last quarter. Legal & General Group Plc acquired a new stake in Old Dominion Freight Line in the second quarter valued at approximately $253,155,000. Finally, Franklin Resources Inc. increased its holdings in shares of Old Dominion Freight Line by 122.9% during the fourth quarter. Franklin Resources Inc. now owns 1,822,304 shares of the transportation company's stock valued at $285,737,000 after acquiring an additional 1,004,609 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

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

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