Old Dominion Freight Line (ODFL) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a sell rating in a research report report published on Wednesday.

According to Zacks, “Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier transporting primarily less-than-truckload shipments of general commodities, including consumer goods, textiles and capital goods to a diversified customer base. “

Other analysts have also issued research reports about the company. Credit Suisse Group AG reaffirmed a buy rating and issued a $92.00 price target on shares of Old Dominion Freight Line in a research note on Sunday, February 5th. Seaport Global Securities reaffirmed a buy rating and issued a $105.00 price target on shares of Old Dominion Freight Line in a research note on Friday, December 16th. Finally, KeyCorp boosted their price target on Old Dominion Freight Line from $91.00 to $95.00 and gave the company an overweight rating in a research note on Tuesday, November 29th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $93.17.

Old Dominion Freight Line (NASDAQ:ODFL) opened at 86.49 on Wednesday. Old Dominion Freight Line has a 12-month low of $56.74 and a 12-month high of $94.97. The company’s 50-day moving average price is $90.31 and its 200-day moving average price is $81.85. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 24.30 and a beta of 1.02.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Thursday, February 2nd. The company reported $0.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by $0.03. The company earned $745.74 million during the quarter, compared to analyst estimates of $739.36 million. Old Dominion Freight Line had a net margin of 9.89% and a return on equity of 16.69%. Old Dominion Freight Line’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 EPS. Equities analysts expect that Old Dominion Freight Line will post $3.94 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 20th. Shareholders of record on Monday, March 6th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Thursday, March 2nd.

A number of institutional investors have recently bought and sold shares of ODFL. Norges Bank acquired a new position in Old Dominion Freight Line during the fourth quarter worth approximately $60,751,000. Janus Capital Management LLC raised its position in Old Dominion Freight Line by 17.3% in the fourth quarter. Janus Capital Management LLC now owns 2,762,420 shares of the company’s stock worth $236,988,000 after buying an additional 407,510 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Old Dominion Freight Line during the third quarter worth approximately $26,730,000. Victory Capital Management Inc. raised its position in Old Dominion Freight Line by 11.4% in the third quarter. Victory Capital Management Inc. now owns 1,889,882 shares of the company’s stock worth $129,665,000 after buying an additional 194,075 shares in the last quarter. Finally, Folger Hill Asset Management LP acquired a new position in Old Dominion Freight Line during the fourth quarter worth approximately $12,222,000. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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