Old Dominion Freight Line (ODFL) Lifted to “Buy” at Zacks Investment Research

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm currently has a $152.00 target price on the transportation company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.27% from the company’s current price.

According to Zacks, “Old Dominion Freight Line, Inc. (NASDAQ: ODFL), is a leading, less-than-truckload LTL, union-free company providing super-regional and national LTL service. The company 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. In addition to its core LTL services, OD offers customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage and container delivery and warehousing. In addition, Old Dominion offers a consumer product for household moving: OD Household Services®. Through strategic partnerships, the Company also offers international freight forwarding services throughout the world. OD consistently has one of the lowest claims ratios and best on-time records in the industry. “

A number of other equities research analysts have also recently weighed in on ODFL. Morgan Stanley lifted their price target on shares of Old Dominion Freight Line from $87.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, October 5th. Robert W. Baird reissued a “hold” rating and issued a $113.00 price objective on shares of Old Dominion Freight Line in a research note on Friday, October 6th. Bank of America lowered shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $105.00 to $102.00 in a research note on Tuesday, October 10th. They noted that the move was a valuation call. Credit Suisse Group reissued an “outperform” rating and issued a $119.00 price objective (up previously from $110.00) on shares of Old Dominion Freight Line in a research note on Thursday, October 12th. They noted that the move was a valuation call. Finally, KeyCorp reissued a “buy” rating and issued a $115.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, October 12th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $115.50.

Shares of Old Dominion Freight Line (NASDAQ:ODFL) opened at $136.60 on Friday. Old Dominion Freight Line has a 12-month low of $80.56 and a 12-month high of $136.89. The firm has a market cap of $11,151.23, a PE ratio of 33.65, a price-to-earnings-growth ratio of 1.63 and a beta of 1.20. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.44 and a current ratio of 1.44.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Thursday, October 26th. The transportation company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.08. Old Dominion Freight Line had a net margin of 10.43% and a return on equity of 17.09%. The business had revenue of $872.99 million during the quarter, compared to analysts’ expectations of $855.85 million. During the same period last year, the business earned $1.03 earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. equities research analysts anticipate that Old Dominion Freight Line will post 4.31 EPS for the current year.

A number of institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its stake in Old Dominion Freight Line by 0.9% in the second quarter. PNC Financial Services Group Inc. now owns 5,590 shares of the transportation company’s stock worth $534,000 after acquiring an additional 49 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Old Dominion Freight Line by 4.3% in the second quarter. D.A. Davidson & CO. now owns 4,738 shares of the transportation company’s stock worth $451,000 after acquiring an additional 194 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Old Dominion Freight Line by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,351 shares of the transportation company’s stock worth $224,000 after acquiring an additional 288 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in Old Dominion Freight Line by 0.9% in the second quarter. Ameritas Investment Partners Inc. now owns 33,124 shares of the transportation company’s stock worth $3,154,000 after acquiring an additional 304 shares during the last quarter. Finally, Mesirow Financial Investment Management Equity Management lifted its stake in Old Dominion Freight Line by 2.7% in the third quarter. Mesirow Financial Investment Management Equity Management now owns 15,995 shares of the transportation company’s stock worth $1,761,000 after acquiring an additional 425 shares during the last quarter. Institutional investors own 72.39% of the company’s stock.

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About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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