Old Dominion Freight Line (NASDAQ:ODFL) Stock Rating Lowered by BMO Capital Markets

Old Dominion Freight Line (NASDAQ:ODFL) was downgraded by equities researchers at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, Marketbeat.com reports. They currently have a $210.00 price target on the transportation company’s stock, down from their prior price target of $214.00. BMO Capital Markets’ target price would suggest a potential upside of 5.24% from the stock’s previous close.

Several other research firms also recently commented on ODFL. Citigroup began coverage on Old Dominion Freight Line in a research note on Wednesday, October 9th. They set a “neutral” rating and a $206.00 price objective for the company. Raymond James lifted their price objective on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Susquehanna raised their price target on Old Dominion Freight Line from $210.00 to $225.00 and gave the stock a “positive” rating in a research note on Wednesday, September 18th. Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group reduced their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $200.56.

Old Dominion Freight Line Stock Down 1.0 %

Shares of ODFL opened at $199.54 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line has a 12 month low of $165.49 and a 12 month high of $227.80. The stock’s 50 day moving average is $195.53 and its two-hundred day moving average is $191.37. The firm has a market cap of $43.36 billion, a P/E ratio of 35.13, a PEG ratio of 4.24 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the firm earned $1.33 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts predict that Old Dominion Freight Line will post 5.59 earnings per share for the current fiscal year.

Insider Transactions at Old Dominion Freight Line

In other news, 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 transaction of $1,951,700.00. Following the completion of the sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently bought and sold shares of ODFL. Los Angeles Capital Management LLC boosted its position in Old Dominion Freight Line by 97.9% during the 1st quarter. Los Angeles Capital Management LLC now owns 2,082 shares of the transportation company’s stock worth $457,000 after buying an additional 1,030 shares during the period. Perpetual Ltd boosted its position in Old Dominion Freight Line by 100.0% during the 1st quarter. Perpetual Ltd now owns 1,680 shares of the transportation company’s stock worth $368,000 after buying an additional 840 shares during the period. Wedmont Private Capital boosted its position in Old Dominion Freight Line by 101.7% during the 1st quarter. Wedmont Private Capital now owns 3,304 shares of the transportation company’s stock worth $735,000 after buying an additional 1,666 shares during the period. Gulf International Bank UK Ltd lifted its position in shares of Old Dominion Freight Line by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 8,474 shares of the transportation company’s stock worth $1,858,000 after purchasing an additional 47 shares during the period. Finally, Rockland Trust Co. lifted its position in shares of Old Dominion Freight Line by 96.5% in the 1st quarter. Rockland Trust Co. now owns 2,498 shares of the transportation company’s stock worth $548,000 after purchasing an additional 1,227 shares during the period. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Company Profile

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.