JPMorgan Chase & Co. Issues Positive Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective hoisted by stock analysts at JPMorgan Chase & Co. from $182.00 to $183.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm presently has a “neutral” rating on the transportation company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 9.49% from the company’s previous close.

A number of other brokerages also recently weighed in on ODFL. Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. Bank of America set a $165.00 price target on shares of Old Dominion Freight Line in a report on Thursday, December 18th. Stifel Nicolaus set a $217.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target for the company. in a research note on Thursday, February 5th. Finally, Stephens reiterated an “overweight” rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $192.88.

Old Dominion Freight Line Trading Up 2.1%

Shares of Old Dominion Freight Line stock opened at $202.18 on Tuesday. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $221.63. The stock has a market cap of $42.14 billion, a PE ratio of 41.86, a price-to-earnings-growth ratio of 4.18 and a beta of 1.20. The company’s 50-day moving average price is $192.35 and its two-hundred day moving average price is $163.99.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.23 EPS. On average, equities analysts predict that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Insider Transactions at Old Dominion Freight Line

In related news, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. The trade was a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the transaction, the chairman directly owned 712,800 shares of the company’s stock, valued at $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 80,134 shares of company stock worth $15,640,132 in the last three months. Insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently made changes to their positions in ODFL. Deseret Mutual Benefit Administrators grew its position in Old Dominion Freight Line by 9.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after buying an additional 57 shares in the last quarter. Verdence Capital Advisors LLC increased its position in Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after purchasing an additional 60 shares during the period. Diversified Trust Co. raised its position in shares of Old Dominion Freight Line by 1.7% in the 4th quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company’s stock worth $609,000 after acquiring an additional 65 shares in the last quarter. CNB Bank lifted its position in shares of Old Dominion Freight Line by 2.3% during the 4th quarter. CNB Bank now owns 3,127 shares of the transportation company’s stock valued at $490,000 after acquiring an additional 71 shares during the period. Finally, Modera Wealth Management LLC raised its holdings in Old Dominion Freight Line by 2.7% during the fourth quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company’s stock worth $434,000 after buying an additional 72 shares during the last quarter. 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.