Old Dominion Freight Line (NASDAQ:ODFL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Old Dominion Freight Line, Inc. (NASDAQ: ODFL), is a leading, less-than-truckload LTL, union-free company providing super-regional and national LTL service. The company 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. In addition to its core LTL services, OD offers customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage and container delivery and warehousing. In addition, Old Dominion offers a consumer product for household moving: OD Household Services®. Through strategic partnerships, the Company also offers international freight forwarding services throughout the world. OD consistently has one of the lowest claims ratios and best on-time records in the industry. “
Several other equities research analysts have also recently commented on the stock. Deutsche Bank cut shares of Old Dominion Freight Line from a “hold” rating to a “sell” rating and cut their price objective for the company from $119.00 to $101.00 in a research report on Monday, December 4th. Bank of America cut shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $105.00 to $102.00 in a research report on Tuesday, October 10th. They noted that the move was a valuation call. KeyCorp reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, October 12th. Credit Suisse Group reaffirmed a “buy” rating and issued a $142.00 price objective (up from $128.00) on shares of Old Dominion Freight Line in a research report on Wednesday, December 6th. Finally, Seaport Global Securities reaffirmed a “buy” rating on shares of Old Dominion Freight Line in a research report on Tuesday, December 5th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $113.08.
Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, October 26th. The transportation company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.16 by $0.08. The business had revenue of $872.99 million for the quarter, compared to analysts’ expectations of $855.85 million. Old Dominion Freight Line had a net margin of 10.43% and a return on equity of 17.09%. The firm’s revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. research analysts anticipate that Old Dominion Freight Line will post 4.31 EPS for the current year.
A number of large investors have recently modified their holdings of ODFL. Fieldpoint Private Securities LLC bought a new stake in Old Dominion Freight Line during the 3rd quarter worth about $100,000. Salem Investment Counselors Inc. lifted its position in Old Dominion Freight Line by 3,281.3% during the 3rd quarter. Salem Investment Counselors Inc. now owns 1,082 shares of the transportation company’s stock worth $118,000 after buying an additional 1,050 shares in the last quarter. Pinebridge Investments L.P. bought a new stake in Old Dominion Freight Line during the 3rd quarter worth about $123,000. FDx Advisors Inc. bought a new stake in Old Dominion Freight Line during the 3rd quarter worth about $204,000. Finally, Reliance Trust Co. of Delaware bought a new stake in Old Dominion Freight Line during the 3rd quarter worth about $208,000. 72.39% of the stock is currently owned by hedge funds and other institutional investors.
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Old Dominion Freight Line Company Profile
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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