Old Dominion Freight Line (NASDAQ:ODFL) Downgraded by Argus to "Hold"

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) was downgraded by analysts at Argus from a "buy" rating to a "hold" rating in a note issued to investors on Tuesday, Marketbeat Ratings reports.

Other equities research analysts also recently issued reports about the company. Robert W. Baird reduced their price target on Old Dominion Freight Line from $204.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus downgraded Old Dominion Freight Line from a "buy" rating to a "hold" rating and reduced their price target for the stock from $209.00 to $197.00 in a report on Monday, October 21st. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Susquehanna reduced their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a "positive" rating on the stock in a report on Thursday, October 24th. Finally, Stephens restated an "overweight" rating and set a $214.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and a consensus target price of $198.33.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock traded down $3.24 during mid-day trading on Tuesday, reaching $228.60. 731,598 shares of the stock traded hands, compared to its average volume of 1,548,549. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.46. The business's 50-day moving average is $198.73 and its 200-day moving average is $190.23. The stock has a market capitalization of $48.81 billion, a PE ratio of 39.99, a price-to-earnings-growth ratio of 6.37 and a beta of 0.99. Old Dominion Freight Line has a 12-month low of $165.49 and a 12-month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter last year, the business posted $1.54 earnings per share. The firm's revenue was down 3.0% on a year-over-year basis. As a group, sell-side analysts predict that Old Dominion Freight Line will post 5.46 EPS for the current fiscal year.

Insider Activity

In other news, Chairman David S. Congdon sold 10,000 shares of the business's stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the transaction, 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 filing with the SEC, which is available through the SEC website. In other news, Chairman David S. Congdon sold 29,975 shares of the firm's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the transaction, the chairman now owns 1,401,621 shares in the company, valued at $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 SEC, which is available through this link. Also, Chairman David S. Congdon sold 10,000 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 46,975 shares of company stock valued at $9,386,158 in the last quarter. 9.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Institutional investors have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at $25,000. Atwood & Palmer Inc. grew its stake in shares of Old Dominion Freight Line by 3,700.0% in the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company's stock valued at $27,000 after buying an additional 148 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Old Dominion Freight Line by 1,630.0% in the second quarter. Versant Capital Management Inc now owns 173 shares of the transportation company's stock valued at $31,000 after buying an additional 163 shares in the last quarter. LRI Investments LLC grew its stake in shares of Old Dominion Freight Line by 73.1% in the second quarter. LRI Investments LLC now owns 187 shares of the transportation company's stock valued at $33,000 after buying an additional 79 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new stake in shares of Old Dominion Freight Line in the first quarter valued at $38,000. 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.