Allstate Corp Buys Shares of 6,757 Old Dominion Freight Line, Inc. $ODFL

Allstate Corp purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,757 shares of the transportation company’s stock, valued at approximately $951,000.

A number of other institutional investors also recently bought and sold shares of ODFL. Norges Bank bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at about $371,961,000. First Trust Advisors LP lifted its stake in shares of Old Dominion Freight Line by 63.8% in the 2nd quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock worth $246,867,000 after purchasing an additional 592,605 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Old Dominion Freight Line by 20.3% in the second quarter. JPMorgan Chase & Co. now owns 2,922,313 shares of the transportation company’s stock worth $474,292,000 after buying an additional 492,563 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of Old Dominion Freight Line by 149.5% in the second quarter. Citigroup Inc. now owns 710,786 shares of the transportation company’s stock worth $115,360,000 after buying an additional 425,846 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Old Dominion Freight Line by 36.5% during the second quarter. Bank of America Corp DE now owns 1,037,180 shares of the transportation company’s stock valued at $168,334,000 after buying an additional 277,269 shares during the period. Institutional investors own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Rothschild & Co Redburn assumed coverage on shares of Old Dominion Freight Line in a research report on Wednesday, November 26th. They issued a “sell” rating and a $114.00 price target on the stock. Morgan Stanley upgraded Old Dominion Freight Line from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $165.00 to $190.00 in a research note on Monday, December 8th. Truist Financial raised their target price on Old Dominion Freight Line from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. Deutsche Bank Aktiengesellschaft cut their price target on Old Dominion Freight Line from $180.00 to $167.00 and set a “buy” rating for the company in a report on Thursday, December 11th. Finally, Bank of America upped their price target on Old Dominion Freight Line from $147.00 to $149.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 3rd. Ten analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $163.33.

Old Dominion Freight Line Stock Up 4.9%

NASDAQ ODFL opened at $178.40 on Thursday. The stock’s 50 day moving average is $154.29 and its 200 day moving average is $150.07. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $209.61. The stock has a market cap of $37.30 billion, a PE ratio of 35.90, a P/E/G ratio of 8.45 and a beta of 1.27.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The company’s revenue was down 4.3% on a year-over-year basis. During the same period last year, the firm posted $1.43 EPS. Research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.