Old Dominion Freight Line (NASDAQ:ODFL) Upgraded at Vertical Research

Key Points

• Old Dominion Freight Line has been upgraded by Vertical Research from a "hold" rating to a "buy" rating, with a price target of $170.00, indicating potential upside of 13.80% from its previous close.
• Goldman Sachs also upgraded the stock's rating to "buy" and raised their target price from $190.00 to $200.00, showing increasing confidence among analysts.
• Despite these upgrades, the company's recent earnings report showed a 6.1% year-over-year revenue decline and a slight earnings miss, raising concerns about overall performance.

Vertical Research upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL - Free Report) from a hold rating to a buy rating in a report published on Thursday morning, MarketBeat reports. Vertical Research currently has $170.00 price target on the transportation company's stock.

Other research analysts have also issued reports about the company. Jefferies Financial Group lowered their target price on Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. lowered their target price on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a report on Tuesday, July 8th. Stephens reaffirmed an "overweight" rating and set a $180.00 target price (down from $200.00) on shares of Old Dominion Freight Line in a report on Thursday, April 24th. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Finally, Benchmark reaffirmed a "hold" rating and set a $102.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line presently has an average rating of "Hold" and an average price target of $168.38.

Old Dominion Freight Line Stock Performance

Shares of ODFL traded down $7.40 during trading hours on Thursday, reaching $141.85. 2,653,868 shares of the company's stock traded hands, compared to its average volume of 1,744,677. The firm has a market capitalization of $29.98 billion, a price-to-earnings ratio of 27.71, a P/E/G ratio of 3.41 and a beta of 1.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.32. Old Dominion Freight Line has a twelve month low of $141.73 and a twelve month high of $233.26. The business's fifty day simple moving average is $162.22 and its two-hundred day simple moving average is $168.73.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. Old Dominion Freight Line's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the business posted $1.48 earnings per share. Analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 21.88%.

Institutional Investors Weigh In On Old Dominion Freight Line

Institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC boosted its position in Old Dominion Freight Line by 234.8% during the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after acquiring an additional 108 shares during the period. Rossby Financial LCC acquired a new stake in Old Dominion Freight Line during the 2nd quarter worth about $28,000. American National Bank & Trust acquired a new stake in Old Dominion Freight Line during the 1st quarter worth about $30,000. Itau Unibanco Holding S.A. grew its stake in shares of Old Dominion Freight Line by 518.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after buying an additional 192 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at approximately $39,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.