Old Dominion Freight Line (NASDAQ:ODFL) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Old Dominion Freight Line from “hold” to “buy,” while the broader analyst consensus remains “hold” with a $227.65 average price target.
• Old Dominion reported quarterly EPS of $1.68, beating estimates of $1.54, while revenue reached $1.55 billion, up 10.4% year over year.
• The stock opened at $179.79, below its 50-day and 200-day moving averages, and an executive recently sold nearly 20,000 shares for approximately $3.96 million.

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

Several other analysts also recently issued reports on ODFL. Zacks Research raised shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Susquehanna upped their price objective on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Wednesday, August 5th. Sanford C. Bernstein assumed coverage on shares of Old Dominion Freight Line in a research note on Thursday. They issued a "market perform" rating and a $200.00 price objective on the stock. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $227.00 price objective (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and a consensus price target of $227.65.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $179.79 on Friday. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $252.03. The business's 50 day simple moving average is $211.11 and its two-hundred day simple moving average is $209.96. The firm has a market cap of $37.28 billion, a P/E ratio of 34.64, a PEG ratio of 3.03 and a beta of 1.16.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released 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. 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 during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company posted $1.27 earnings per share. The company's quarterly revenue was up 10.4% on a year-over-year basis. On average, equities analysts forecast that Old Dominion Freight Line will post 5.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Old Dominion Freight Line 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 completion of the sale, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors have recently modified their holdings of ODFL. Bogart Wealth LLC lifted its holdings 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 acquiring an additional 46 shares during the period. Private Advisor Group LLC increased its position in shares of Old Dominion Freight Line by 1.3% during the 1st 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 increased its position in shares of Old Dominion Freight Line by 2.3% during the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock valued at $479,000 after purchasing an additional 56 shares during the last quarter. Deseret Mutual Benefit Administrators raised its stake in shares of Old Dominion Freight Line by 9.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock worth $101,000 after purchasing an additional 57 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after purchasing an additional 62 shares during the period. 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 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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