Bank of America Boosts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $149.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price target raised by Bank of America from $147.00 to $149.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the transportation company’s stock. Bank of America‘s price target points to a potential downside of 2.94% from the stock’s previous close.

ODFL has been the topic of several other research reports. Susquehanna upped their target price on Old Dominion Freight Line from $155.00 to $156.00 and gave the company a “neutral” rating in a report on Wednesday, September 10th. Wolfe Research upped their price target on shares of Old Dominion Freight Line from $129.00 to $140.00 in a report on Tuesday, October 7th. Raymond James Financial restated an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of Old Dominion Freight Line in a research report on Thursday, October 30th. Stifel Nicolaus lowered their target price on Old Dominion Freight Line from $168.00 to $162.00 and set a “buy” rating on the stock in a report on Tuesday, October 28th. Finally, BMO Capital Markets upgraded Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $172.00 to $170.00 in a research report on Monday. Nine equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $156.43.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $153.51 on Wednesday. The company has a 50-day simple moving average of $138.01 and a 200-day simple moving average of $150.11. The company has a market capitalization of $32.10 billion, a PE ratio of 30.89, a P/E/G ratio of 3.75 and a beta of 1.27. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $211.33.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The company’s revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.43 EPS. Equities research analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Stephens Inc. AR grew its position in Old Dominion Freight Line by 0.7% during the second quarter. Stephens Inc. AR now owns 10,261 shares of the transportation company’s stock valued at $1,665,000 after acquiring an additional 67 shares during the period. YANKCOM Partnership grew its holdings in shares of Old Dominion Freight Line by 9.1% during the 2nd quarter. YANKCOM Partnership now owns 818 shares of the transportation company’s stock worth $133,000 after purchasing an additional 68 shares during the period. Benjamin Edwards Inc. increased its position in Old Dominion Freight Line by 3.1% during the 1st quarter. Benjamin Edwards Inc. now owns 2,368 shares of the transportation company’s stock worth $392,000 after purchasing an additional 71 shares in the last quarter. Legacy Capital Wealth Partners LLC increased its position in Old Dominion Freight Line by 4.4% during the 2nd quarter. Legacy Capital Wealth Partners LLC now owns 1,674 shares of the transportation company’s stock worth $272,000 after purchasing an additional 71 shares in the last quarter. Finally, iA Global Asset Management Inc. raised its holdings in Old Dominion Freight Line by 0.3% in the second quarter. iA Global Asset Management Inc. now owns 23,468 shares of the transportation company’s stock valued at $3,809,000 after buying an additional 72 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

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.