BidaskClub Upgrades Old Dominion Freight Line (NASDAQ:ODFL) to Strong-Buy

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Tuesday, September 11th.

A number of other equities analysts have also recently commented on ODFL. Argus started coverage on Old Dominion Freight Line in a research note on Wednesday, May 23rd. They issued a “buy” rating and a $175.00 price target on the stock. Zacks Investment Research raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $166.00 price target on the stock in a research note on Thursday, May 24th. KeyCorp lifted their price target on Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “overweight” rating in a research note on Monday, July 2nd. Cowen boosted their target price on Old Dominion Freight Line from $145.00 to $156.00 and gave the company a “market perform” rating in a research note on Friday, July 27th. Finally, Buckingham Research boosted their target price on Old Dominion Freight Line from $155.00 to $162.00 and gave the company a “neutral” rating in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $147.38.

Shares of ODFL traded down $2.60 during trading hours on Tuesday, reaching $151.87. 680,410 shares of the company’s stock traded hands, compared to its average volume of 608,319. The company has a market cap of $13.22 billion, a PE ratio of 34.83, a price-to-earnings-growth ratio of 0.92 and a beta of 1.18. Old Dominion Freight Line has a 12 month low of $106.20 and a 12 month high of $170.22. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, July 26th. The transportation company reported $1.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.82 by $0.17. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. Old Dominion Freight Line had a return on equity of 20.31% and a net margin of 15.37%. Old Dominion Freight Line’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.19 EPS. As a group, analysts predict that Old Dominion Freight Line will post 6.94 earnings per share for the current year.

Several large investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Old Dominion Freight Line by 1.4% during the second quarter. BlackRock Inc. now owns 6,415,315 shares of the transportation company’s stock valued at $955,626,000 after purchasing an additional 88,236 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in Old Dominion Freight Line by 9.9% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,627,736 shares of the transportation company’s stock valued at $386,199,000 after acquiring an additional 236,313 shares during the last quarter. Lord Abbett & CO. LLC increased its position in Old Dominion Freight Line by 35.3% during the first quarter. Lord Abbett & CO. LLC now owns 939,673 shares of the transportation company’s stock valued at $138,104,000 after acquiring an additional 245,055 shares during the last quarter. Wells Fargo & Company MN increased its position in Old Dominion Freight Line by 24.6% during the second quarter. Wells Fargo & Company MN now owns 734,540 shares of the transportation company’s stock valued at $109,417,000 after acquiring an additional 145,041 shares during the last quarter. Finally, Northern Trust Corp increased its position in Old Dominion Freight Line by 3.0% during the second quarter. Northern Trust Corp now owns 589,434 shares of the transportation company’s stock valued at $87,802,000 after acquiring an additional 17,339 shares during the last quarter. 72.45% of the stock is currently owned by hedge funds and other institutional investors.

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 ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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

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