Old Dominion Freight Line (NASDAQ:ODFL) Upgraded by Robert W. Baird to Hold Rating

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) was upgraded by investment analysts at Robert W. Baird from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus raised their price objective on Old Dominion Freight Line from $217.00 to $228.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Sunday, January 25th. Wells Fargo & Company raised Old Dominion Freight Line from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $165.00 to $200.00 in a report on Tuesday, April 7th. Wolfe Research lifted their target price on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an "underperform" rating in a report on Tuesday, April 7th. Finally, Argus raised Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $220.00 target price on the stock in a report on Thursday, February 12th. Nine equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $197.38.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $221.77 on Tuesday. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $227.08. The business's fifty day moving average is $200.34 and its 200-day moving average is $172.33. The firm has a market cap of $46.19 billion, a price-to-earnings ratio of 45.92, a PEG ratio of 4.62 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.11. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%. As a group, research analysts forecast that Old Dominion Freight Line will post 5.13 EPS for the current fiscal year.

Insider Activity

In other news, insider Earl E. Congdon sold 25,000 shares of the business's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares of the company's stock, valued at $424,055,222.69. The trade was a 1.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director owned 11,278 shares of the company's stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,134 shares of company stock valued at $15,640,132 in the last ninety days. 10.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. raised its stake in shares of Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock worth $27,000 after purchasing an additional 123 shares during the last quarter. Westside Investment Management Inc. raised its stake in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after purchasing an additional 98 shares during the last quarter. Reflection Asset Management purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth approximately $28,000. Evolution Wealth Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the first quarter worth approximately $29,000. Finally, DT Investment Partners LLC grew its holdings in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after acquiring an additional 180 shares in the last quarter. Institutional investors own 77.82% of the company's stock.

About Old Dominion Freight Line

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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