JPMorgan Chase & Co. Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $250.00 to $232.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the transportation company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 30.32% from the company’s current price.

A number of other research firms have also recently commented on ODFL. Wall Street Zen cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Sunday, September 20th. Susquehanna reduced their price objective on shares of Old Dominion Freight Line from $232.00 to $202.00 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Citigroup raised shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $231.00 to $223.00 in a research note on Tuesday, September 8th. Truist Financial boosted their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $225.57.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $178.02 on Monday. The firm has a market capitalization of $36.91 billion, a PE ratio of 34.30, a PEG ratio of 3.00 and a beta of 1.20. The stock’s fifty day moving average is $193.72 and its 200 day moving average is $207.92. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the firm earned $1.27 earnings per share. Old Dominion Freight Line’s quarterly revenue was up 10.4% compared to the same quarter last year. Equities analysts forecast that Old Dominion Freight Line will post 5.79 EPS for the current year.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president directly owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of Old Dominion Freight Line

Large investors have recently modified their holdings of the company. Bell Investment Advisors Inc purchased a new position in Old Dominion Freight Line during the 2nd quarter worth $25,000. Solstein Capital LLC purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares in the last quarter. Reflection Asset Management bought a new position in shares of Old Dominion Freight Line during the 4th quarter worth $28,000. Finally, Evolution Wealth Management Inc. purchased a new position in shares of Old Dominion Freight Line during the first quarter valued at $29,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.