Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $183.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $182.00 to $183.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage currently has a “neutral” rating on the transportation company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 9.49% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Robert W. Baird cut Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and boosted their price objective for the company from $166.00 to $204.00 in a report on Thursday, February 5th. TD Cowen raised their price objective on Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a report on Thursday, February 5th. Raymond James Financial boosted their price target on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Finally, 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 report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $192.88.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $202.18 on Tuesday. The company has a market cap of $42.14 billion, a P/E ratio of 41.86, a PEG ratio of 4.18 and a beta of 1.20. The firm has a 50-day simple moving average of $192.35 and a two-hundred day simple moving average of $163.99. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The firm 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 quarterly revenue was down 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.23 EPS. As a group, equities research analysts expect that Old Dominion Freight Line will post 5.68 EPS for the current year.

Insider Activity

In related news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the transaction, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the transaction, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. 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 over the last quarter. Corporate insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Reflection Asset Management bought a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at approximately $28,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after buying an additional 123 shares during the period. Westside Investment Management Inc. raised its stake in Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after acquiring an additional 98 shares during the period. DT Investment Partners LLC raised its holdings in Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares in the last quarter. Finally, DV Equities LLC acquired a new stake in Old Dominion Freight Line in the fourth quarter worth approximately $40,000. Institutional investors and hedge funds 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.