Today, The Zacks Investment Research Downgrade Old Dominion Freight Line Inc. (ODFL) to Hold

Today, The Zacks Investment Research Downgrade Old Dominion Freight Line Inc. (ODFL) to Hold
Old Dominion Freight Line Inc. (NASDAQ:ODFL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued 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. “

Several other equities analysts have also weighed in on ODFL. Cowen and Company raised their price objective on shares of Old Dominion Freight Line from $63.00 to $73.00 and gave the company a “market perform” rating in a research report on Thursday, July 28th. Deutsche Bank AG raised their price objective on shares of Old Dominion Freight Line from $67.00 to $71.00 and gave the company a “hold” rating in a research report on Friday, July 29th. KeyCorp restated a “buy” rating and set a $75.00 price objective on shares of Old Dominion Freight Line in a research report on Sunday, October 9th. Finally, Bank of America Corp. lowered shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating in a research report on Friday, October 28th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $73.50.

Old Dominion Freight Line (NASDAQ:ODFL) opened at 88.23 on Wednesday. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 24.65 and a beta of 0.95. The company’s 50-day moving average is $75.86 and its 200 day moving average is $68.22. Old Dominion Freight Line has a 12 month low of $48.92 and a 12 month high of $88.30.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, October 27th. The company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.06. Old Dominion Freight Line had a net margin of 10.05% and a return on equity of 17.31%. The company earned $782.60 million during the quarter, compared to analyst estimates of $319.94 million. During the same quarter last year, the firm posted $0.99 EPS. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts predict that Old Dominion Freight Line will post $3.60 earnings per share for the current year.

In other news, Director Leo H. Suggs sold 3,800 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $81.35, for a total value of $309,130.00. Following the completion of the sale, the director now directly owns 4,494 shares of the company’s stock, valued at $365,586.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman David S. Congdon sold 40,000 shares of the stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $85.27, for a total transaction of $3,410,800.00. Following the completion of the sale, the insider now directly owns 5,334 shares of the company’s stock, valued at $454,830.18. The disclosure for this sale can be found here. 14.60% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of ODFL. Envestnet Asset Management Inc. raised its position in shares of Old Dominion Freight Line by 7.3% in the first quarter. Envestnet Asset Management Inc. now owns 26,378 shares of the company’s stock valued at $1,836,000 after buying an additional 1,792 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Old Dominion Freight Line by 1.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 65,519 shares of the company’s stock valued at $4,561,000 after buying an additional 1,227 shares during the last quarter. Arizona State Retirement System raised its position in shares of Old Dominion Freight Line by 1.4% in the first quarter. Arizona State Retirement System now owns 35,119 shares of the company’s stock valued at $2,445,000 after buying an additional 500 shares during the last quarter. Royal Bank of Canada raised its position in shares of Old Dominion Freight Line by 1.2% in the first quarter. Royal Bank of Canada now owns 523,748 shares of the company’s stock valued at $36,463,000 after buying an additional 6,274 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in shares of Old Dominion Freight Line during the first quarter valued at $608,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a less-than-truckload (LTL), union-free motor carrier company. The Company provides regional, inter-regional and national LTL services, which include ground and air expedited transportation, and consumer household pickup and delivery. The Company offers a range of other services that include container drayage, truckload brokerage, supply chain consulting and warehousing.

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