Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $185.00 at Wolfe Research
by Danessa Lincoln · The Markets DailyOld Dominion Freight Line (NASDAQ:ODFL – Get Free Report) had its target price raised by analysts at Wolfe Research from $183.00 to $185.00 in a research report issued on Tuesday,MarketScreener reports. The brokerage presently has an “underperform” rating on the transportation company’s stock. Wolfe Research’s price objective indicates a potential downside of 7.00% from the company’s previous close.
Several other research analysts have also commented on ODFL. Susquehanna reissued a “neutral” rating and issued a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Jefferies Financial Group boosted their target price on shares of Old Dominion Freight Line from $195.00 to $210.00 and gave the stock a “hold” rating in a report on Tuesday, March 3rd. Citigroup restated a “neutral” rating and issued a $216.00 price target (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Old Dominion Freight Line in a research report on Thursday, February 19th. Finally, Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price objective for the company in a research note on Thursday, February 12th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $194.92.
View Our Latest Analysis on ODFL
Old Dominion Freight Line Stock Down 1.6%
Shares of ODFL stock opened at $198.93 on Tuesday. The firm has a market cap of $41.46 billion, a price-to-earnings ratio of 41.19, a PEG ratio of 4.18 and a beta of 1.20. The company’s 50 day moving average is $192.84 and its 200 day moving average is $164.40. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $221.63.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.23 earnings per share. Analysts anticipate that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.
Insider Activity at Old Dominion Freight Line
In related news, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares in the company, valued at $424,055,222.69. This trade represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 in the last ninety days. Company insiders own 10.00% of the company’s stock.
Institutional Investors Weigh In On Old Dominion Freight Line
A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Old Dominion Freight Line by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after buying an additional 494,674 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp raised its stake in shares of Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after buying an additional 70,736 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares during the period. Finally, Boston Partners boosted its stake in shares of Old Dominion Freight Line by 98.4% in the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after buying an additional 2,044,434 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.
Old Dominion Freight Line Company Profile
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.