Old Dominion Freight Line (NASDAQ:ODFL) Stock Rating Upgraded by BidaskClub

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BidaskClub upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a buy rating in a research note issued to investors on Friday morning, BidAskClub reports.

A number of other research firms also recently weighed in on ODFL. Credit Suisse Group raised their price target on shares of Old Dominion Freight Line from $152.00 to $160.00 and gave the company a neutral rating in a report on Friday, July 26th. Morgan Stanley set a $144.00 price target on shares of Old Dominion Freight Line and gave the company a hold rating in a report on Monday, July 8th. ValuEngine upgraded shares of Old Dominion Freight Line from a hold rating to a buy rating in a report on Saturday, July 27th. Robert W. Baird set a $162.00 price target on shares of Old Dominion Freight Line and gave the company a hold rating in a report on Friday, July 26th. Finally, Bank of America restated a neutral rating and set a $150.00 price target (up previously from $144.00) on shares of Old Dominion Freight Line in a report on Thursday, June 20th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $151.92.

ODFL stock opened at $162.10 on Friday. Old Dominion Freight Line has a 12-month low of $115.00 and a 12-month high of $170.22. The company has a current ratio of 1.92, a quick ratio of 2.19 and a debt-to-equity ratio of 0.02. The stock has a market cap of $13.44 billion, a P/E ratio of 21.96, a price-to-earnings-growth ratio of 2.39 and a beta of 1.49. The business has a 50 day moving average of $152.87.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, July 25th. The transportation company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.05. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. Old Dominion Freight Line had a net margin of 15.48% and a return on equity of 23.57%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.99 EPS. As a group, analysts expect that Old Dominion Freight Line will post 7.92 EPS for the current fiscal year.

Old Dominion Freight Line declared that its board has initiated a share repurchase plan on Thursday, May 16th that permits the company to repurchase $350.00 million in outstanding shares. This repurchase authorization permits the transportation company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 0.42%. Old Dominion Freight Line’s payout ratio is presently 9.21%.

In related news, Chairman Earl E. Congdon sold 56,400 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $166.53, for a total value of $9,392,292.00. Following the transaction, the chairman now directly owns 10,854 shares in the company, valued at approximately $1,807,516.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.90% of the company’s stock.

A number of large investors have recently bought and sold shares of ODFL. Dimensional Fund Advisors LP raised its holdings in shares of Old Dominion Freight Line by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 656,280 shares of the transportation company’s stock valued at $81,044,000 after acquiring an additional 6,885 shares during the last quarter. FMR LLC raised its holdings in shares of Old Dominion Freight Line by 43.9% during the fourth quarter. FMR LLC now owns 592,740 shares of the transportation company’s stock valued at $73,198,000 after acquiring an additional 180,936 shares during the last quarter. Norges Bank acquired a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $89,762,000. Geode Capital Management LLC raised its holdings in shares of Old Dominion Freight Line by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 685,323 shares of the transportation company’s stock valued at $84,580,000 after acquiring an additional 3,291 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Old Dominion Freight Line by 59.3% during the fourth quarter. Deutsche Bank AG now owns 273,008 shares of the transportation company’s stock valued at $33,710,000 after acquiring an additional 101,613 shares during the last quarter. Institutional investors and hedge funds own 70.83% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Analyst Recommendations for Old Dominion Freight Line (NASDAQ:ODFL)

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