Barclays Issues Positive Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective boosted by research analysts at Barclays from $190.00 to $220.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the transportation company’s stock. Barclays‘s price target would indicate a potential downside of 1.54% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and cut their price target for the stock from $209.00 to $197.00 in a report on Monday, October 21st. Bank of America reduced their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Evercore ISI dropped their price objective on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a report on Thursday, October 3rd. TD Cowen reduced their target price on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a research note on Thursday, October 24th. Finally, Stephens restated an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $200.00.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $223.43 on Wednesday. The firm has a market cap of $47.70 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 6.36 and a beta of 0.99. The company has a 50-day simple moving average of $200.71 and a two-hundred day simple moving average of $191.02. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line has a 12-month low of $165.49 and a 12-month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.01. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business’s quarterly revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.54 EPS. On average, equities analysts forecast that Old Dominion Freight Line will post 5.46 EPS for the current year.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the sale, the director now owns 97,890 shares of the company’s stock, valued at $19,584,852.30. This trade represents a 6.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now directly owns 7,383 shares in the company, valued at $1,664,423.52. This trade represents a 28.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,975 shares of company stock worth $10,062,478 in the last 90 days. Insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Empowered Funds LLC boosted its holdings in shares of Old Dominion Freight Line by 189.5% during the 1st quarter. Empowered Funds LLC now owns 3,260 shares of the transportation company’s stock valued at $715,000 after acquiring an additional 2,134 shares during the last quarter. Sei Investments Co. boosted its holdings in Old Dominion Freight Line by 98.6% in the first quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock worth $9,471,000 after purchasing an additional 21,438 shares during the last quarter. QRG Capital Management Inc. grew its position in Old Dominion Freight Line by 134.1% in the 1st quarter. QRG Capital Management Inc. now owns 4,343 shares of the transportation company’s stock worth $953,000 after purchasing an additional 2,488 shares during the period. US Bancorp DE raised its stake in Old Dominion Freight Line by 104.6% during the 1st quarter. US Bancorp DE now owns 37,097 shares of the transportation company’s stock valued at $8,136,000 after buying an additional 18,963 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its holdings in shares of Old Dominion Freight Line by 142.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,552 shares of the transportation company’s stock valued at $1,437,000 after buying an additional 3,848 shares during the period. 77.82% of the stock is owned by institutional investors.

About Old Dominion Freight Line

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.