Old Dominion Freight Line (NASDAQ:ODFL) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a strong sell rating in a report released on Thursday morning,Zacks.com reports.

ODFL has been the subject of several other research reports. Citigroup reiterated a “buy” rating and set a $196.00 price objective (up from $170.00) on shares of Old Dominion Freight Line in a research report on Wednesday. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Weiss Ratings restated a “hold (c-)” rating on shares of Old Dominion Freight Line in a research report on Wednesday, October 8th. Barclays reduced their price target on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 1st. Finally, Rothschild & Co Redburn started coverage on Old Dominion Freight Line in a report on Wednesday, November 26th. They set a “sell” rating and a $114.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $160.00.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $173.13 on Thursday. The firm has a market capitalization of $36.20 billion, a P/E ratio of 34.84, a P/E/G ratio of 8.42 and a beta of 1.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 1.20. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $209.61. The business’s 50-day simple moving average is $148.62 and its 200-day simple moving average is $149.59.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the firm posted $1.43 earnings per share. The business’s quarterly revenue was down 4.3% on a year-over-year basis. Equities analysts predict that Old Dominion Freight Line will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.54%.

Hedge Funds Weigh In On Old Dominion Freight Line

Institutional investors have recently made changes to their positions in the business. Brighton Jones LLC raised its stake in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after acquiring an additional 79 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after purchasing an additional 5,866 shares during the last quarter. Focus Partners Wealth increased its position in shares of Old Dominion Freight Line by 50.4% during the 1st quarter. Focus Partners Wealth now owns 41,973 shares of the transportation company’s stock worth $6,944,000 after purchasing an additional 14,067 shares in the last quarter. Strs Ohio bought a new position in Old Dominion Freight Line during the 1st quarter valued at about $20,053,000. Finally, AG2R LA Mondiale Gestion D Actifs bought a new position in Old Dominion Freight Line during the 1st quarter valued at about $1,282,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.