TD Cowen Trims Old Dominion Freight Line (NASDAQ:ODFL) Target Price to $196.00

by · The Markets Daily

Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) had its target price reduced by TD Cowen from $203.00 to $196.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the transportation company’s stock. TD Cowen’s price target points to a potential upside of 2.48% from the company’s previous close.

Other equities analysts have also issued reports about the company. Stephens reaffirmed an “overweight” rating and set a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Morgan Stanley decreased their price target on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. Stifel Nicolaus lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $209.00 to $197.00 in a research note on Monday. Finally, Susquehanna reduced their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $196.39.

Read Our Latest Research Report on ODFL

Old Dominion Freight Line Stock Performance

NASDAQ ODFL traded up $2.58 on Thursday, hitting $191.25. The stock had a trading volume of 711,482 shares, compared to its average volume of 1,546,215. Old Dominion Freight Line has a one year low of $165.49 and a one year high of $227.80. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. The stock has a market cap of $41.56 billion, a price-to-earnings ratio of 33.67, a P/E/G ratio of 4.18 and a beta of 0.99. The company’s 50-day moving average is $195.69 and its two-hundred day moving average is $190.84.

Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. During the same period last year, the company posted $1.54 EPS. On average, analysts expect that Old Dominion Freight Line will post 5.59 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Old Dominion Freight Line

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Old Dominion Freight Line by 100.9% in the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after purchasing an additional 10,944,520 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Old Dominion Freight Line by 117.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after purchasing an additional 7,401,526 shares during the last quarter. Capital Research Global Investors grew its position in shares of Old Dominion Freight Line by 59.0% in the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after purchasing an additional 2,447,121 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Old Dominion Freight Line by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after purchasing an additional 270,538 shares during the last quarter. Finally, Capital World Investors grew its position in Old Dominion Freight Line by 101.0% during the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after buying an additional 1,228,116 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Company Profile

(Get Free Report)

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.

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