JPMorgan Chase & Co. Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $189.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $193.00 to $189.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the transportation company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 2.26% from the stock’s previous close.

ODFL has been the subject of several other research reports. Barclays decreased their target price on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 12th. Raymond James increased their price objective on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. TD Cowen dropped their target price on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating on the stock in a report on Friday. Susquehanna decreased their price target on Old Dominion Freight Line from $245.00 to $210.00 and set a “positive” rating for the company in a report on Wednesday, June 12th. Finally, BMO Capital Markets lifted their price objective on shares of Old Dominion Freight Line from $210.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $201.00.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $184.82 on Friday. The stock has a market cap of $40.16 billion, a P/E ratio of 32.54, a P/E/G ratio of 3.76 and a beta of 0.99. Old Dominion Freight Line has a twelve month low of $165.49 and a twelve month high of $227.80. The stock has a 50 day moving average of $194.08 and a two-hundred day moving average of $197.46. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.45 by $0.03. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. Old Dominion Freight Line’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. On average, research analysts forecast that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Large investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Old Dominion Freight Line by 1,093.9% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 585 shares of the transportation company’s stock valued at $237,000 after acquiring an additional 536 shares during the last quarter. Lincoln National Corp boosted its stake in shares of Old Dominion Freight Line by 66.9% during the 4th quarter. Lincoln National Corp now owns 1,768 shares of the transportation company’s stock worth $717,000 after purchasing an additional 709 shares during the last quarter. Principal Securities Inc. purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $194,000. Teacher Retirement System of Texas raised its position in shares of Old Dominion Freight Line by 47.6% in the fourth quarter. Teacher Retirement System of Texas now owns 34,383 shares of the transportation company’s stock valued at $13,936,000 after buying an additional 11,095 shares during the last quarter. Finally, JFS Wealth Advisors LLC lifted its stake in shares of Old Dominion Freight Line by 135.7% during the fourth quarter. JFS Wealth Advisors LLC now owns 132 shares of the transportation company’s stock valued at $54,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

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.