Wolfe Research Forecasts Strong Price Appreciation for Old Dominion Freight Line (NASDAQ:ODFL) Stock

Old Dominion Freight Line (NASDAQ:ODFL) had its price target increased by equities research analysts at Wolfe Research from $140.00 to $141.00 in a research report issued on Monday,MarketScreener reports. The brokerage currently has an “underperform” rating on the transportation company’s stock. Wolfe Research’s price objective points to a potential downside of 5.30% from the stock’s previous close.

Several other brokerages have also recently issued reports on ODFL. UBS Group increased their price target on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Stephens cut their target price on shares of Old Dominion Freight Line from $162.00 to $156.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Morgan Stanley upgraded shares of Old Dominion Freight Line from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $165.00 to $190.00 in a report on Monday. Rothschild Redb raised shares of Old Dominion Freight Line to a “strong sell” rating in a research report on Wednesday, November 26th. Finally, Evercore ISI dropped their price target on shares of Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating for the company in a research note on Thursday, October 30th. Ten research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $157.48.

Old Dominion Freight Line Trading Down 1.8%

ODFL opened at $148.89 on Monday. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $209.61. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The business has a fifty day simple moving average of $138.72 and a 200-day simple moving average of $149.58. The firm has a market cap of $31.13 billion, a P/E ratio of 29.96, a P/E/G ratio of 3.96 and a beta of 1.27.

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

Hedge Funds Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently modified their holdings of the company. Swiss Life Asset Management Ltd raised its stake in Old Dominion Freight Line by 8.2% in the third quarter. Swiss Life Asset Management Ltd now owns 66,788 shares of the transportation company’s stock valued at $9,402,000 after buying an additional 5,072 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after acquiring an additional 622,275 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after acquiring an additional 776,004 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth about $4,702,000. Finally, Avity Investment Management Inc. raised its position in shares of Old Dominion Freight Line by 267.6% during the 3rd quarter. Avity Investment Management Inc. now owns 70,959 shares of the transportation company’s stock worth $9,990,000 after acquiring an additional 51,655 shares in the last quarter. Institutional investors and hedge funds 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.