Old Dominion Freight Line (NASDAQ:ODFL) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Old Dominion Freight Line from “hold” to “buy,” while Zacks Research raised its rating to “strong buy.” However, the broader analyst consensus remains “hold,” with a $226.55 average price target.
• Old Dominion reported quarterly EPS of $1.68, exceeding the $1.54 consensus estimate, while revenue reached $1.55 billion and rose 10.4% year over year.
• ODFL shares opened at $216.36, with a 52-week range of $126.01 to $252.03 and a market capitalization of approximately $45 billion; institutional investors and hedge funds own 77.82% of the stock.

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

ODFL has been the subject of a number of other reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Old Dominion Freight Line in a research report on Friday, July 10th. Argus boosted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Evercore reaffirmed an "outperform" rating and set a $243.00 price target on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $216.36 on Friday. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $252.03. The stock has a market cap of $45.00 billion, a price-to-earnings ratio of 41.69, a PEG ratio of 3.67 and a beta of 1.18. The firm's 50-day moving average is $226.40 and its 200-day moving average is $207.98.

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

Institutional Trading of Old Dominion Freight Line

Hedge funds have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc bought a new position in Old Dominion Freight Line during the 2nd quarter worth $25,000. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after acquiring an additional 62 shares during the period. Evolution Wealth Management Inc. bought a new stake in shares of Old Dominion Freight Line in the first quarter valued at about $29,000. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line in the fourth quarter valued at about $28,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in shares of Old Dominion Freight Line in the first quarter valued at about $39,000. 77.82% of the stock is owned by institutional investors and hedge funds.

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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