Morgan Stanley Raises Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $200.00

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Old Dominion Freight Line (NASDAQ:ODFL) had its price objective upped by Morgan Stanley from $146.00 to $200.00 in a report published on Thursday, Stock Target Advisor reports. The brokerage currently has an equal weight rating on the transportation company’s stock.

A number of other equities analysts have also commented on the company. Bank of America lowered Old Dominion Freight Line from a neutral rating to an underperform rating and set a $166.00 price target for the company. in a report on Friday, September 27th. KeyCorp reaffirmed an overweight rating on shares of Old Dominion Freight Line in a report on Friday, October 25th. Stifel Nicolaus lowered Old Dominion Freight Line from a hold rating to a sell rating and raised their price target for the stock from $148.00 to $155.00 in a report on Friday, October 25th. BidaskClub lowered Old Dominion Freight Line from a strong-buy rating to a buy rating in a report on Tuesday, November 5th. Finally, Stephens set a $203.00 price target on Old Dominion Freight Line and gave the stock a buy rating in a report on Friday, October 25th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. Old Dominion Freight Line has a consensus rating of Hold and a consensus price target of $171.83.

ODFL stock traded down $0.24 during trading on Thursday, reaching $194.18. 242,900 shares of the stock were exchanged, compared to its average volume of 508,621. Old Dominion Freight Line has a twelve month low of $115.00 and a twelve month high of $196.81. The firm’s 50 day moving average is $176.46 and its 200 day moving average is $159.14. The company has a current ratio of 2.03, a quick ratio of 1.92 and a debt-to-equity ratio of 0.02. The firm has a market cap of $15.35 billion, a P/E ratio of 26.31, a price-to-earnings-growth ratio of 3.02 and a beta of 1.53.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Thursday, October 24th. The transportation company reported $2.05 EPS for the quarter, missing the Zacks’ consensus estimate of $2.11 by ($0.06). Old Dominion Freight Line had a return on equity of 22.62% and a net margin of 15.29%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the business earned $2.12 earnings per share. Old Dominion Freight Line’s revenue was down .9% on a year-over-year basis. As a group, analysts predict that Old Dominion Freight Line will post 7.76 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.35%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 9.21%.

In related news, insider David S. Congdon sold 30,150 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $165.51, for a total value of $4,990,126.50. Following the sale, the insider now owns 13,385 shares in the company, valued at $2,215,351.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Earl E. Congdon sold 23,500 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $181.94, for a total value of $4,275,590.00. Following the completion of the sale, the chairman now owns 10,854 shares in the company, valued at approximately $1,974,776.76. The disclosure for this sale can be found here. Company insiders own 11.90% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in Old Dominion Freight Line by 41.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 3,044,772 shares of the transportation company’s stock valued at $454,463,000 after purchasing an additional 893,099 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Old Dominion Freight Line during the third quarter valued at about $62,770,000. Nuveen Asset Management LLC purchased a new stake in Old Dominion Freight Line during the second quarter valued at about $47,020,000. CIBC Private Wealth Group LLC raised its position in Old Dominion Freight Line by 122.1% during the third quarter. CIBC Private Wealth Group LLC now owns 342,449 shares of the transportation company’s stock valued at $58,206,000 after purchasing an additional 188,289 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in Old Dominion Freight Line by 5.0% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,812,633 shares of the transportation company’s stock valued at $569,076,000 after purchasing an additional 182,449 shares in the last quarter. Institutional investors own 71.25% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Analyst Recommendations for Old Dominion Freight Line (NASDAQ:ODFL)

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