Bank of America 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 Bank of America from $167.00 to $183.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the transportation company’s stock. Bank of America‘s price objective suggests a potential upside of 6.84% from the company’s current price.

Several other brokerages have also weighed in on ODFL. Citigroup upgraded shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and cut their price objective for the company from $186.00 to $183.00 in a report on Tuesday, April 8th. StockNews.com lowered shares of Old Dominion Freight Line from a “hold” rating to a “sell” rating in a report on Saturday, March 29th. Wells Fargo & Company set a $150.00 price objective on shares of Old Dominion Freight Line and gave the company an “underweight” rating in a report on Thursday, April 24th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Old Dominion Freight Line in a report on Friday, March 7th. They issued a “buy” rating and a $236.00 price objective on the stock. Finally, Morgan Stanley set a $185.00 price objective on shares of Old Dominion Freight Line in a report on Wednesday, April 2nd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $182.26.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $171.28 on Friday. Old Dominion Freight Line has a 1 year low of $144.90 and a 1 year high of $233.26. The firm’s 50 day moving average is $159.51 and its 200-day moving average is $183.58. The firm has a market capitalization of $36.20 billion, a price-to-earnings ratio of 31.26, a PEG ratio of 2.89 and a beta of 1.31. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.05. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the business earned $1.34 earnings per share. Old Dominion Freight Line’s quarterly revenue was down 5.8% on a year-over-year basis. Sell-side analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC grew its position in Old Dominion Freight Line by 234.8% in the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company’s stock valued at $25,000 after purchasing an additional 108 shares in the last quarter. American National Bank & Trust bought a new position in shares of Old Dominion Freight Line in the 1st quarter valued at about $30,000. Whipplewood Advisors LLC bought a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $35,000. Itau Unibanco Holding S.A. grew its position in shares of Old Dominion Freight Line by 518.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company’s stock valued at $40,000 after acquiring an additional 192 shares during the period. Finally, Synergy Asset Management LLC bought a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $41,000. Institutional investors 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.