Bank of America Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price target lowered by Bank of America from $237.00 to $204.00 in a report issued on Thursday,Benzinga reports. Bank of America currently has a neutral rating on the transportation company’s stock.

A number of other equities research analysts have also recently commented on ODFL. Susquehanna reaffirmed a “neutral” rating and issued a $195.00 price target (down previously from $218.00) on shares of Old Dominion Freight Line in a report on Tuesday, January 7th. TD Cowen decreased their target price on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research report on Thursday, October 24th. Stephens reaffirmed an “overweight” rating and set a $240.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, December 4th. Evercore ISI decreased 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. Finally, JPMorgan Chase & Co. upped their price objective on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the company a “neutral” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average price target of $202.06.

Old Dominion Freight Line Stock Up 1.6 %

Shares of NASDAQ:ODFL opened at $189.92 on Thursday. Old Dominion Freight Line has a 1 year low of $165.49 and a 1 year high of $233.26. The company has a market capitalization of $40.55 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 3.40 and a beta of 1.05. The business has a fifty day moving average price of $201.08 and a two-hundred day moving average price of $197.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

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 for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.54 earnings per share. Analysts forecast that Old Dominion Freight Line will post 5.42 earnings per share for the current year.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the sale, the director now owns 7,383 shares of the company’s stock, valued at $1,664,423.52. This trade represents a 28.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Greg C. Gantt sold 7,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $200.07, for a total value of $1,400,490.00. Following 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 currently owned by company insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP grew its position in Old Dominion Freight Line by 109.5% in the third quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after acquiring an additional 750,073 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Old Dominion Freight Line by 19,764.0% during the third quarter. International Assets Investment Management LLC now owns 685,308 shares of the transportation company’s stock worth $136,130,000 after purchasing an additional 681,858 shares during the last quarter. Bristol Gate Capital Partners Inc. purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter worth about $92,697,000. Franklin Resources Inc. boosted its holdings in shares of Old Dominion Freight Line by 74.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock worth $207,068,000 after purchasing an additional 437,700 shares in the last quarter. Finally, Bridges Investment Management Inc. increased its position in shares of Old Dominion Freight Line by 136.0% during the 2nd quarter. Bridges Investment Management Inc. now owns 615,272 shares of the transportation company’s stock valued at $108,657,000 after purchasing an additional 354,588 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

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.