Bank of America Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $204.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price trimmed by Bank of America from $237.00 to $204.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the transportation company’s stock.

A number of other analysts have also issued reports on ODFL. Stephens restated an “overweight” rating and set a $240.00 target price on shares of Old Dominion Freight Line in a research report on Wednesday, December 4th. Citigroup lifted their price objective on Old Dominion Freight Line from $201.00 to $241.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Susquehanna reiterated a “neutral” rating and set a $195.00 target price (down from $218.00) on shares of Old Dominion Freight Line in a research report on Tuesday, January 7th. Argus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, TD Cowen dropped their price objective on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average target price of $201.50.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $189.55 on Thursday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line has a fifty-two week low of $165.49 and a fifty-two week high of $233.26. The business has a fifty day moving average of $199.69 and a 200-day moving average of $197.70. The stock has a market cap of $40.47 billion, a price-to-earnings ratio of 33.14, a price-to-earnings-growth ratio of 3.40 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the company posted $1.54 EPS. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, analysts predict that Old Dominion Freight Line will post 5.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the transaction, the director now owns 7,383 shares in the company, valued at $1,664,423.52. The trade was a 28.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the transaction, the director now directly owns 97,890 shares of the company’s stock, valued at approximately $19,584,852.30. The trade was a 6.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently bought and sold shares of ODFL. Toronto Dominion Bank grew its position in shares of Old Dominion Freight Line by 77.7% during the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock worth $19,479,000 after buying an additional 42,880 shares in the last quarter. Board of the Pension Protection Fund bought a new position in Old Dominion Freight Line during the 4th quarter valued at $600,000. Sequoia Financial Advisors LLC grew its holdings in Old Dominion Freight Line by 20.5% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,979 shares of the transportation company’s stock worth $1,188,000 after acquiring an additional 1,017 shares in the last quarter. Landscape Capital Management L.L.C. bought a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth about $2,109,000. Finally, Avanza Fonder AB acquired a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $3,741,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.