Old Dominion Freight Line (NASDAQ:ODFL) Upgraded to Buy at Argus

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Argus from a “hold” rating to a “buy” rating in a report released on Thursday, Marketbeat reports. The firm presently has a $220.00 price target on the transportation company’s stock. Argus’ price target suggests a potential upside of 14.05% from the company’s current price.

Other analysts have also issued reports about the stock. UBS Group restated a “neutral” rating and set a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Deutsche Bank Aktiengesellschaft lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective on the stock. in a report on Thursday, February 5th. Jefferies Financial Group boosted their target price on shares of Old Dominion Freight Line from $160.00 to $195.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Citigroup reaffirmed a “neutral” rating and set a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. Finally, Wells Fargo & Company increased their price objective on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $189.88.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL traded down $1.56 during trading on Thursday, hitting $192.90. The company’s stock had a trading volume of 447,464 shares, compared to its average volume of 2,277,081. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $209.61. The business has a 50 day moving average price of $169.76 and a two-hundred day moving average price of $152.25. The company has a market capitalization of $40.34 billion, a PE ratio of 39.94, a P/E/G ratio of 9.71 and a beta of 1.28.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the business posted $1.23 earnings per share. Old Dominion Freight Line’s revenue was down 5.7% compared to the same quarter last year. As a group, equities analysts expect that Old Dominion Freight Line will post 5.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Old Dominion Freight Line

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Old Dominion Freight Line by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after purchasing an additional 494,674 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Old Dominion Freight Line by 21.6% during 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 acquiring an additional 776,004 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after acquiring an additional 622,275 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Old Dominion Freight Line by 23.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock worth $519,660,000 after acquiring an additional 639,769 shares during the period. Finally, Norges Bank purchased a new position in Old Dominion Freight Line in the 4th quarter valued at approximately $444,983,000. 77.82% of the stock is currently owned by hedge funds and other 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.