Bank of America Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $204.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price decreased by Bank of America from $237.00 to $204.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the transportation company’s stock. Bank of America‘s price target indicates a potential upside of 7.98% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group boosted their price target on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Barclays upped their target price on Old Dominion Freight Line from $190.00 to $220.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. TD Cowen cut their price target on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price target on Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Susquehanna reaffirmed a “neutral” rating and set a $195.00 price objective (down previously from $218.00) on shares of Old Dominion Freight Line in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus target price of $202.06.

Old Dominion Freight Line Trading Up 1.1 %

NASDAQ:ODFL traded up $2.07 during midday trading on Thursday, hitting $188.93. The stock had a trading volume of 222,068 shares, compared to its average volume of 1,173,854. The stock has a 50-day moving average of $201.08 and a 200 day moving average of $197.57. The company has a market capitalization of $40.34 billion, a price-to-earnings ratio of 33.00, a PEG ratio of 3.40 and a beta of 1.05. Old Dominion Freight Line has a one year low of $165.49 and a one year high of $233.26. 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 (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (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 the consensus estimate 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 revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.54 EPS. As a group, sell-side analysts forecast that Old Dominion Freight Line will post 5.42 EPS for the current year.

Insider Activity at Old Dominion Freight Line

In related news, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total transaction of $676,320.00. Following the sale, the director now directly owns 7,383 shares of the company’s stock, valued at approximately $1,664,423.52. This represents a 28.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Greg C. Gantt sold 7,000 shares of Old Dominion Freight Line stock in a transaction 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 transaction, the director now directly owns 97,890 shares of the company’s stock, valued at $19,584,852.30. The trade was a 6.67 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds have recently modified their holdings of the company. UMB Bank n.a. raised its holdings in Old Dominion Freight Line by 28.9% in the 4th quarter. UMB Bank n.a. now owns 735 shares of the transportation company’s stock worth $130,000 after purchasing an additional 165 shares during the period. Mechanics Bank Trust Department purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $213,000. LVW Advisors LLC raised its stake in shares of Old Dominion Freight Line by 35.1% during the 4th quarter. LVW Advisors LLC now owns 4,464 shares of the transportation company’s stock worth $787,000 after buying an additional 1,161 shares during the period. Smart Money Group LLC lifted its position in shares of Old Dominion Freight Line by 9.9% during the 4th quarter. Smart Money Group LLC now owns 2,991 shares of the transportation company’s stock valued at $528,000 after buying an additional 269 shares in the last quarter. Finally, City Holding Co. grew its stake in Old Dominion Freight Line by 1.8% in the 4th quarter. City Holding Co. now owns 7,029 shares of the transportation company’s stock valued at $1,240,000 after acquiring an additional 125 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Company Profile

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.