Old Dominion Freight Line (NASDAQ:ODFL) PT Raised to $473.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective hoisted by investment analysts at Bank of America from $471.00 to $473.00 in a research note issued on Thursday, FlyOnTheWall reports. Bank of America‘s price objective suggests a potential upside of 12.28% from the stock’s previous close.

A number of other equities analysts have also issued reports on ODFL. Raymond James raised their target price on shares of Old Dominion Freight Line from $385.00 to $440.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Stephens restated an “overweight” rating and set a $470.00 target price on shares of Old Dominion Freight Line in a research report on Monday, August 21st. VNET Group restated a “maintains” rating on shares of Old Dominion Freight Line in a research report on Friday, June 30th. Barclays raised their target price on shares of Old Dominion Freight Line from $375.00 to $410.00 and gave the stock an “equal weight” rating in a research report on Friday, July 28th. Finally, Wells Fargo & Company raised their target price on shares of Old Dominion Freight Line from $425.00 to $465.00 in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $369.70.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $421.25 on Thursday. The firm has a market capitalization of $46.03 billion, a P/E ratio of 36.60, a P/E/G ratio of 5.04 and a beta of 1.12. Old Dominion Freight Line has a 52 week low of $240.00 and a 52 week high of $438.05. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $403.30 and its two-hundred day moving average is $354.43.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.63 by $0.02. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. Old Dominion Freight Line had a net margin of 21.49% and a return on equity of 34.58%. The firm’s revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.30 earnings per share. Research analysts forecast that Old Dominion Freight Line will post 10.65 EPS for the current fiscal year.

Old Dominion Freight Line declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 26th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the transportation company to reacquire up to 6.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, SVP Steven W. Hartsell sold 403 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $405.33, for a total value of $163,347.99. Following the completion of the transaction, the senior vice president now owns 491 shares in the company, valued at $199,017.03. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Thomas A. Stith III sold 225 shares of Old Dominion Freight Line stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $411.66, for a total transaction of $92,623.50. Following the completion of the sale, the director now owns 1,342 shares in the company, valued at approximately $552,447.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Steven W. Hartsell sold 403 shares of Old Dominion Freight Line stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $405.33, for a total value of $163,347.99. Following the sale, the senior vice president now owns 491 shares of the company’s stock, valued at approximately $199,017.03. The disclosure for this sale can be found here. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Capital Advisors Group LLC. purchased a new stake in Old Dominion Freight Line during the 2nd quarter worth about $35,000. CoreCap Advisors LLC purchased a new stake in Old Dominion Freight Line in the 4th quarter valued at about $30,000. Jones Financial Companies Lllp grew its holdings in Old Dominion Freight Line by 3,566.7% in the 1st quarter. Jones Financial Companies Lllp now owns 110 shares of the transportation company’s stock valued at $37,000 after buying an additional 107 shares during the period. State of Wyoming purchased a new stake in Old Dominion Freight Line in the 2nd quarter valued at about $42,000. Finally, GPS Wealth Strategies Group LLC purchased a new stake in Old Dominion Freight Line in the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 72.14% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.