Old Dominion Freight Line (NASDAQ:ODFL) Price Target Cut to $185.00 by Analysts at Wells Fargo & Company

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective decreased by investment analysts at Wells Fargo & Company from $195.00 to $185.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the transportation company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 2.72% from the company’s previous close.

A number of other brokerages have also issued reports on ODFL. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Susquehanna reissued a “neutral” rating and set a $195.00 target price (down previously from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday. BMO Capital Markets dropped their price target on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Evercore ISI reduced their price objective on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating on the stock in a research report on Thursday, October 3rd. Finally, The Goldman Sachs Group upped their target price on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $204.12.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL traded down $2.56 during trading on Tuesday, hitting $180.11. The company had a trading volume of 198,195 shares, compared to its average volume of 825,742. Old Dominion Freight Line has a 12 month low of $165.49 and a 12 month high of $233.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market capitalization of $38.45 billion, a P/E ratio of 31.49, a price-to-earnings-growth ratio of 4.21 and a beta of 1.05. The stock has a 50 day simple moving average of $204.71 and a 200 day simple moving average of $197.45.

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, beating the consensus estimate 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 net margin of 21.03% and a return on equity of 29.40%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.54 earnings per share. As a group, analysts anticipate that Old Dominion Freight Line will post 5.42 earnings per share for the current year.

Insider Transactions at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $200.07, for a total value of $1,400,490.00. Following the completion of the sale, the director now directly owns 97,890 shares of the company’s stock, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $225.44, for a total transaction of $676,320.00. Following the completion of 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 disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. increased its holdings in shares of Old Dominion Freight Line by 0.6% during the 2nd quarter. Victory Capital Management Inc. now owns 233,844 shares of the transportation company’s stock worth $41,297,000 after buying an additional 1,474 shares during the last quarter. Private Advisor Group LLC lifted its holdings in Old Dominion Freight Line by 6.7% in the second quarter. Private Advisor Group LLC now owns 9,299 shares of the transportation company’s stock worth $1,642,000 after acquiring an additional 583 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in Old Dominion Freight Line by 472.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company’s stock valued at $40,000 after purchasing an additional 189 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Old Dominion Freight Line by 329.8% in the 2nd quarter. Acadian Asset Management LLC now owns 28,238 shares of the transportation company’s stock worth $4,983,000 after acquiring an additional 21,668 shares during the period. Finally, Caprock Group LLC raised its stake in shares of Old Dominion Freight Line by 609.7% in the 2nd quarter. Caprock Group LLC now owns 8,162 shares of the transportation company’s stock worth $1,441,000 after buying an additional 7,012 shares in the last quarter. 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.