Old Dominion Freight Line (NASDAQ:ODFL) Upgraded by The Goldman Sachs Group to Buy Rating

The Goldman Sachs Group upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a neutral rating to a buy rating in a research report released on Monday morning, MarketBeat Ratings reports. The Goldman Sachs Group currently has $200.00 target price on the transportation company’s stock, up from their previous target price of $190.00.

A number of other brokerages have also recently weighed in on ODFL. Stephens reaffirmed an “overweight” rating and issued a $180.00 price target (down previously from $200.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 24th. UBS Group reduced their price target on Old Dominion Freight Line from $196.00 to $158.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company set a $150.00 price target on Old Dominion Freight Line and gave the stock an “underweight” rating in a research report on Thursday, April 24th. Barclays reduced their price target on Old Dominion Freight Line from $185.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Finally, Evercore ISI reduced their price target on Old Dominion Freight Line from $164.00 to $156.00 and set an “in-line” rating for the company in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus price target of $180.42.

Old Dominion Freight Line Price Performance

ODFL opened at $160.00 on Monday. The stock has a market cap of $33.81 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 2.89 and a beta of 1.31. Old Dominion Freight Line has a 1 year low of $144.90 and a 1 year high of $233.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average price of $159.25 and a 200 day moving average price of $179.16.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.05. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.34 earnings per share. Analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.12 annualized dividend and a yield of 0.70%. Old Dominion Freight Line’s dividend payout ratio is 21.01%.

Hedge Funds Weigh In On Old Dominion Freight Line

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AustralianSuper Pty Ltd bought a new position in Old Dominion Freight Line during the fourth quarter valued at about $128,221,000. Blueshift Asset Management LLC bought a new position in Old Dominion Freight Line during the fourth quarter valued at about $630,000. Ameriprise Financial Inc. increased its stake in Old Dominion Freight Line by 2.9% during the fourth quarter. Ameriprise Financial Inc. now owns 1,267,640 shares of the transportation company’s stock valued at $223,281,000 after acquiring an additional 35,778 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Old Dominion Freight Line by 10.1% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,370 shares of the transportation company’s stock valued at $3,946,000 after acquiring an additional 2,053 shares during the period. Finally, Vest Financial LLC increased its stake in Old Dominion Freight Line by 27.4% during the fourth quarter. Vest Financial LLC now owns 177,848 shares of the transportation company’s stock valued at $31,372,000 after acquiring an additional 38,253 shares during the period. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

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