Old Dominion Freight Line (NASDAQ:ODFL) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a buy rating to a hold rating in a report issued on Sunday morning,Wall Street Zen reports.

Several other research analysts have also commented on the company. Citigroup raised Old Dominion Freight Line from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $231.00 to $223.00 in a research report on Tuesday, September 8th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $244.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $234.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Zacks Research upgraded shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. Finally, Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and increased their price target for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $227.65.

Old Dominion Freight Line Stock Up 1.1%

Shares of ODFL stock opened at $177.31 on Friday. The firm has a market cap of $36.77 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 2.94 and a beta of 1.16. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $252.03. The company’s 50 day moving average is $204.57 and its 200 day moving average is $208.78.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates 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 revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.27 earnings per share. Analysts anticipate that Old Dominion Freight Line will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were given a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.35%.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was 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 of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Hedge funds have recently modified their holdings of the stock. Bell Investment Advisors Inc acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at approximately $25,000. Solstein Capital LLC acquired a new position in Old Dominion Freight Line during the second quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares in the last quarter. Reflection Asset Management purchased a new stake in Old Dominion Freight Line in the 4th quarter valued at $28,000. Finally, Evolution Wealth Management Inc. purchased a new stake in Old Dominion Freight Line in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Key Old Dominion Freight Line News

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Old Dominion’s latest quarterly results exceeded expectations, with earnings per share of $1.68 versus the $1.54 consensus estimate and revenue of $1.55 billion versus $1.54 billion. Revenue increased 10.4% year over year, while EPS rose from $1.27 in the prior-year quarter, reinforcing the company’s operating and pricing strength. Old Dominion Freight Line stock holds as earnings beat estimates
• Positive Sentiment: The less-than-truckload carrier announced a 4.9% general rate increase, pulled forward to October 1. Higher pricing could support revenue growth, margins and earnings if customer demand remains resilient. The move also suggests carriers are attempting to improve industry pricing conditions. Old Dominion pulls forward a 4.9% general rate increase
• Neutral Sentiment: Old Dominion appointed a new independent board director. The change may strengthen board oversight and governance, but the announcement is unlikely to materially affect near-term earnings. Old Dominion appoints new independent board director
• Negative Sentiment: Analysts collectively maintain a “Hold” recommendation, signaling limited conviction that the stock’s valuation and near-term outlook justify more aggressive buying. Old Dominion receives a consensus Hold recommendation

About Old Dominion Freight Line

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.