Wall Street Zen Downgrades Old Dominion Freight Line (NASDAQ:ODFL) to Sell

Old Dominion Freight Line (NASDAQ:ODFL) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Several other research analysts have also issued reports on ODFL. The Goldman Sachs Group increased their price target on shares of Old Dominion Freight Line from $181.00 to $182.00 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. Jefferies Financial Group raised their target price on Old Dominion Freight Line from $150.00 to $160.00 and gave the stock a “hold” rating in a research report on Friday, December 19th. Stifel Nicolaus set a $173.00 price target on Old Dominion Freight Line and gave the company a “buy” rating in a research note on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Old Dominion Freight Line in a research note on Wednesday, October 8th. Finally, Susquehanna reissued a “neutral” rating and set a $170.00 price objective on shares of Old Dominion Freight Line in a report on Monday, January 5th. Ten analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $162.71.

Old Dominion Freight Line Stock Performance

ODFL opened at $175.65 on Friday. The stock has a market cap of $36.73 billion, a PE ratio of 35.34, a P/E/G ratio of 8.73 and a beta of 1.27. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $209.61. The stock’s 50 day simple moving average is $152.13 and its 200-day simple moving average is $149.85.

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

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently made changes to their positions in ODFL. Norges Bank bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $371,961,000. Boston Partners bought a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at $292,599,000. Two Sigma Investments LP boosted its holdings in shares of Old Dominion Freight Line by 637.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after acquiring an additional 1,362,697 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in Old Dominion Freight Line by 21.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after acquiring an additional 776,004 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after purchasing an additional 622,275 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

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.