Old Dominion Freight Line (NASDAQ:ODFL) Downgraded to “Hold” Rating by Argus

Old Dominion Freight Line (NASDAQ:ODFL) was downgraded by investment analysts at Argus from a “buy” rating to a “hold” rating in a report released on Tuesday,Briefing.com Automated Import reports.

Several other research firms also recently commented on ODFL. Susquehanna reduced their price target on shares of Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating on the stock in a research note on Thursday, October 24th. Wells Fargo & Company reduced their price target on shares of Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating on the stock in a research note on Thursday, October 24th. BMO Capital Markets reduced their price target on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, October 24th. Raymond James raised their target price on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, Stephens reissued an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $196.39.

Old Dominion Freight Line Price Performance

ODFL stock opened at $231.84 on Tuesday. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $233.26. The company has a quick ratio of 1.46, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $198.73 and a two-hundred day simple moving average of $190.23. The firm has a market capitalization of $49.50 billion, a P/E ratio of 40.53, a price-to-earnings-growth ratio of 6.37 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. Analysts anticipate that Old Dominion Freight Line will post 5.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the transaction, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,975 shares of company stock valued at $9,386,158. 9.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Old Dominion Freight Line by 100.9% during the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after acquiring an additional 10,944,520 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Old Dominion Freight Line by 117.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock worth $3,010,435,000 after buying an additional 7,401,526 shares during the period. Capital Research Global Investors increased its holdings in shares of Old Dominion Freight Line by 59.0% in the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after purchasing an additional 2,447,121 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Old Dominion Freight Line by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after purchasing an additional 270,538 shares during the period. Finally, Capital World Investors increased its holdings in shares of Old Dominion Freight Line by 101.0% in the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after purchasing an additional 1,228,116 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

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.