Old Dominion Freight Line (ODFL) Upgraded to Buy by ValuEngine

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ValuEngine upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a buy rating in a report published on Tuesday.

Several other equities research analysts also recently issued reports on the company. BidaskClub raised Old Dominion Freight Line from a hold rating to a buy rating in a research report on Tuesday. Bank of America raised their price target on Old Dominion Freight Line from $139.00 to $143.00 and gave the company an underperform rating in a research report on Thursday, August 30th. Morgan Stanley raised their price target on Old Dominion Freight Line from $154.00 to $158.00 and gave the company an overweight rating in a research report on Friday, July 27th. Stifel Nicolaus reaffirmed a hold rating on shares of Old Dominion Freight Line in a research report on Friday, July 27th. Finally, Buckingham Research raised their price target on Old Dominion Freight Line from $155.00 to $162.00 and gave the company a neutral rating in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $147.38.

Shares of NASDAQ:ODFL opened at $165.18 on Tuesday. The stock has a market capitalization of $13.02 billion, a PE ratio of 37.89, a price-to-earnings-growth ratio of 0.91 and a beta of 1.19. Old Dominion Freight Line has a 52-week low of $99.39 and a 52-week high of $168.94. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.77 and a current ratio of 1.77.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Thursday, July 26th. The transportation company reported $1.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.82 by $0.17. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. Old Dominion Freight Line had a return on equity of 20.31% and a net margin of 15.37%. The firm’s revenue was up 23.1% compared to the same quarter last year. During the same period last year, the business posted $1.19 earnings per share. sell-side analysts predict that Old Dominion Freight Line will post 6.91 earnings per share for the current year.

Old Dominion Freight Line announced that its board has authorized a share repurchase program on Thursday, May 17th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the transportation company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, September 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend is Wednesday, September 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 11.93%.

A number of hedge funds have recently added to or reduced their stakes in the stock. Schroder Investment Management Group acquired a new stake in Old Dominion Freight Line during the second quarter worth about $662,000. Advisors Asset Management Inc. grew its position in Old Dominion Freight Line by 73.3% during the second quarter. Advisors Asset Management Inc. now owns 17,783 shares of the transportation company’s stock worth $2,649,000 after buying an additional 7,523 shares in the last quarter. Waverton Investment Management Ltd grew its position in Old Dominion Freight Line by 3.6% during the second quarter. Waverton Investment Management Ltd now owns 13,278 shares of the transportation company’s stock worth $1,978,000 after buying an additional 466 shares in the last quarter. Verition Fund Management LLC grew its position in Old Dominion Freight Line by 116.0% during the second quarter. Verition Fund Management LLC now owns 4,012 shares of the transportation company’s stock worth $598,000 after buying an additional 2,155 shares in the last quarter. Finally, Qube Research & Technologies Ltd acquired a new stake in Old Dominion Freight Line during the second quarter worth about $145,000. 72.32% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Old Dominion Freight Line (NASDAQ:ODFL)

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