Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $230.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective lifted by equities research analysts at Jefferies Financial Group from $210.00 to $230.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the transportation company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 4.55% from the stock’s previous close.

ODFL has been the subject of several other reports. TD Cowen boosted their target price on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Stephens restated an “overweight” rating and set a $232.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. JPMorgan Chase & Co. raised their price objective on Old Dominion Freight Line from $182.00 to $183.00 and gave the company a “neutral” rating in a research note on Tuesday, April 7th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Sunday, January 25th. Finally, Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $196.33.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL traded down $4.44 during midday trading on Wednesday, hitting $219.98. 1,223,192 shares of the company’s stock were exchanged, compared to its average volume of 2,230,908. The stock has a 50 day moving average price of $197.43 and a 200-day moving average price of $169.51. The company has a market cap of $45.85 billion, a PE ratio of 45.54, a price-to-earnings-growth ratio of 4.68 and a beta of 1.20. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $227.08.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.23 earnings per share. On average, analysts anticipate that Old Dominion Freight Line will post 5.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the transaction, the chairman directly owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the business’s 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 owned 11,278 shares in the company, valued at approximately $2,190,977.06. The trade was a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC boosted its stake in Old Dominion Freight Line by 7.2% in the first quarter. Janney Montgomery Scott LLC now owns 40,426 shares of the transportation company’s stock valued at $7,899,000 after acquiring an additional 2,720 shares during the last quarter. Lewis Asset Management LLC purchased a new position in Old Dominion Freight Line in the first quarter valued at about $225,000. Venturi Wealth Management LLC lifted its stake in shares of Old Dominion Freight Line by 6.9% during the 1st quarter. Venturi Wealth Management LLC now owns 2,083 shares of the transportation company’s stock valued at $407,000 after buying an additional 134 shares in the last quarter. Aaron Wealth Advisors LLC lifted its stake in shares of Old Dominion Freight Line by 7.0% during the 1st quarter. Aaron Wealth Advisors LLC now owns 1,593 shares of the transportation company’s stock valued at $311,000 after buying an additional 104 shares in the last quarter. Finally, OLD National Bancorp IN purchased a new stake in shares of Old Dominion Freight Line during the 1st quarter valued at approximately $203,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.