Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $260.00 at Argus

Old Dominion Freight Line (NASDAQ:ODFL) had its target price hoisted by analysts at Argus from $220.00 to $260.00 in a research note issued to investors on Thursday,MarketScreener reports. The brokerage presently has a “buy” rating on the transportation company’s stock. Argus’ price target would suggest a potential upside of 19.07% from the company’s current price.

ODFL has been the topic of a number of other research reports. Rothschild & Co Redburn decreased their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research report on Tuesday, May 12th. JPMorgan Chase & Co. lifted their price target on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. BMO Capital Markets restated an “outperform” rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Stephens reaffirmed an “overweight” rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Finally, Stifel Nicolaus lifted their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $217.30.

Old Dominion Freight Line Stock Performance

ODFL opened at $218.36 on Thursday. The stock has a market capitalization of $45.41 billion, a PE ratio of 45.68, a P/E/G ratio of 4.69 and a beta of 1.17. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The business’s 50 day moving average price is $216.95 and its 200 day moving average price is $191.92.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the business earned $1.19 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, equities research analysts forecast that Old Dominion Freight Line will post 5.38 earnings per share for the current fiscal year.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of hedge funds have recently added to or reduced their stakes in ODFL. Brighton Jones LLC increased its position in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after acquiring an additional 79 shares during the period. Empowered Funds LLC grew its stake in Old Dominion Freight Line by 134.9% during the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after purchasing an additional 5,866 shares in the last quarter. Marshall Wace LLP acquired a new position in Old Dominion Freight Line during the 2nd quarter worth $7,478,000. Jump Financial LLC purchased a new stake in Old Dominion Freight Line during the 2nd quarter worth about $2,891,000. Finally, AXA S.A. increased its holdings in Old Dominion Freight Line by 1.2% during the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock worth $3,287,000 after purchasing an additional 238 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

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.