Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Expected to Rise, Truist Financial Analyst Says

Old Dominion Freight Line (NASDAQ:ODFL) had its price target lifted by Truist Financial from $170.00 to $185.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the transportation company’s stock. Truist Financial’s price target would indicate a potential upside of 6.62% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, December 3rd. Rothschild & Co Redburn started coverage on shares of Old Dominion Freight Line in a report on Wednesday, November 26th. They issued a “sell” rating and a $114.00 price target for the company. Evercore ISI set a $150.00 price objective on shares of Old Dominion Freight Line and gave the stock an “in-line” rating in a research report on Monday. Stifel Nicolaus set a $173.00 price objective on shares of Old Dominion Freight Line and gave the company a “buy” rating in a research report on Tuesday, December 16th. Finally, Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Friday, January 9th. Ten investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $161.63.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $173.52 on Thursday. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $209.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.02. The firm has a market cap of $36.28 billion, a PE ratio of 34.91, a P/E/G ratio of 8.43 and a beta of 1.27. The business’s 50-day moving average price is $150.60 and its two-hundred day moving average price is $149.83.

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, topping the consensus estimate of $1.22 by $0.06. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the company earned $1.43 earnings per share. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, research analysts forecast that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Gravity Companies Inc. bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $26,000. E Fund Management Hong Kong Co. Ltd. boosted its position in Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 123 shares during the last quarter. Westside Investment Management Inc. grew its stake in Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. Rossby Financial LCC bought a new position in Old Dominion Freight Line in the second quarter valued at approximately $28,000. Finally, Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter worth approximately $37,000. 77.82% of the stock is owned by institutional investors.

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.