Old Dominion Freight Line (NASDAQ:ODFL) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a sell rating in a report issued on Saturday morning.

A number of other equities analysts have also recently weighed in on ODFL. Truist Financial increased their price objective on shares of Old Dominion Freight Line from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, December 3rd. Citigroup reiterated a “buy” rating and issued a $196.00 price objective (up previously from $170.00) on shares of Old Dominion Freight Line in a report on Wednesday, January 7th. Stifel Nicolaus set a $173.00 target price on Old Dominion Freight Line and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Finally, Barclays set a $165.00 target price on Old Dominion Freight Line and gave the company an “equal weight” rating in a research report on Thursday. Ten analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and a consensus price target of $162.71.

Old Dominion Freight Line Stock Down 1.4%

Shares of NASDAQ:ODFL opened at $175.65 on Friday. The company has a market capitalization of $36.73 billion, a price-to-earnings ratio of 35.34, a PEG ratio of 8.73 and a beta of 1.27. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $209.61. The business has a 50-day moving average price of $152.13 and a 200 day moving average price of $149.99. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the company posted $1.43 earnings per share. Old Dominion Freight Line’s revenue for the quarter was down 4.3% compared to the same quarter last year. Sell-side analysts expect that Old Dominion Freight Line will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.54%.

Institutional Trading of Old Dominion Freight Line

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at approximately $371,961,000. Boston Partners purchased a new position in Old Dominion Freight Line in the third quarter valued at $292,599,000. Two Sigma Investments LP raised its stake in Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after buying an additional 1,362,697 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after buying an additional 622,275 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.