Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Target Cut by JPMorgan Chase & Co.

Old Dominion Freight Line (NASDAQ:ODFL) had its target price lowered by JPMorgan Chase & Co. from $232.00 to $216.00 in a report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the transportation company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 25.17% from the company’s current price.

Several other equities research analysts also recently commented on the company. BMO Capital Markets set a $235.00 price objective on Old Dominion Freight Line in a report on Wednesday, October 7th. Evercore restated an “outperform” rating and set a $243.00 target price (up from $237.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Zacks Research downgraded shares of Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. UBS Group reduced their price target on shares of Old Dominion Freight Line from $228.00 to $194.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Wolfe Research raised shares of Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 7th. Ten investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average target price of $217.30.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $172.56 on Friday. The stock’s 50 day simple moving average is $183.55 and its 200 day simple moving average is $201.46. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $252.03. The stock has a market capitalization of $35.78 billion, a PE ratio of 31.04, a price-to-earnings-growth ratio of 2.82 and a beta of 1.14.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, October 28th. The transportation company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.04. Old Dominion Freight Line had a return on equity of 25.92% and a net margin of 20.08%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same quarter last year, the company earned $1.28 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line will post 5.93 earnings per share for the current year.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors have recently bought and sold shares of the company. Chicago Partners Investment Group LLC lifted its position in shares of Old Dominion Freight Line by 69.4% in the third quarter. Chicago Partners Investment Group LLC now owns 7,251 shares of the transportation company’s stock valued at $1,325,000 after acquiring an additional 2,971 shares in the last quarter. Compass Financial Management LLC raised its stake in Old Dominion Freight Line by 14.0% in the 3rd quarter. Compass Financial Management LLC now owns 11,355 shares of the transportation company’s stock valued at $1,974,000 after purchasing an additional 1,394 shares during the last quarter. Rakuten Investment Management Inc. lifted its holdings in Old Dominion Freight Line by 11.3% in the 3rd quarter. Rakuten Investment Management Inc. now owns 51,520 shares of the transportation company’s stock valued at $9,143,000 after purchasing an additional 5,233 shares in the last quarter. Third View Private Wealth LLC lifted its holdings in Old Dominion Freight Line by 5.6% in the 3rd quarter. Third View Private Wealth LLC now owns 11,596 shares of the transportation company’s stock valued at $2,016,000 after purchasing an additional 612 shares in the last quarter. Finally, Provenance Wealth Advisors LLC boosted its stake in Old Dominion Freight Line by 39,625.0% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 3,178 shares of the transportation company’s stock worth $552,000 after purchasing an additional 3,170 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.