Old Dominion Freight Line (NASDAQ:ODFL) Price Target Lowered to $190.00 at Barclays

Old Dominion Freight Line (NASDAQ:ODFL) had its price target cut by Barclays from $195.00 to $190.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the transportation company’s stock. Barclays‘s price objective would indicate a potential downside of 3.94% from the company’s previous close.

Several other brokerages have also recently issued reports on ODFL. Stephens reissued an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a report on Thursday, September 5th. Morgan Stanley decreased their price objective on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a report on Monday, July 8th. BMO Capital Markets downgraded Old Dominion Freight Line from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $214.00 to $210.00 in a research note on Friday, October 18th. Stifel Nicolaus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and reduced their price target for the company from $209.00 to $197.00 in a research report on Monday, October 21st. Finally, Robert W. Baird lowered their price objective on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $196.39.

Old Dominion Freight Line Stock Up 3.1 %

Shares of ODFL stock opened at $197.79 on Thursday. Old Dominion Freight Line has a fifty-two week low of $165.49 and a fifty-two week high of $227.80. The firm has a market capitalization of $42.98 billion, a PE ratio of 33.90, a P/E/G ratio of 4.20 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. The stock’s 50-day simple moving average is $195.53 and its 200-day simple moving average is $190.66.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the company earned $1.54 EPS. Old Dominion Freight Line’s quarterly revenue was down 3.0% on a year-over-year basis. Equities analysts expect that Old Dominion Freight Line will post 5.56 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ODFL. Vanguard Group Inc. raised its holdings in shares of Old Dominion Freight Line by 100.9% during the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after acquiring an additional 10,944,520 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Old Dominion Freight Line by 117.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock worth $3,010,435,000 after purchasing an additional 7,401,526 shares during the period. Capital Research Global Investors boosted its holdings in Old Dominion Freight Line by 59.0% in the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after purchasing an additional 2,447,121 shares during the last quarter. Capital World Investors grew its stake in shares of Old Dominion Freight Line by 101.0% in the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after buying an additional 1,228,116 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Old Dominion Freight Line by 283.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,103,558 shares of the transportation company’s stock worth $242,021,000 after buying an additional 815,817 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.