Wells Fargo & Company Upgrades Old Dominion Freight Line (NASDAQ:ODFL) to Equal Weight

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by equities research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a note issued to investors on Tuesday,Finviz reports. The firm currently has a $200.00 price objective on the transportation company’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 1.08% from the company’s previous close.

ODFL has been the topic of several other research reports. Susquehanna reaffirmed a “neutral” rating and set a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Raymond James Financial raised their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Rothschild & Co Redburn raised their price objective on Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective on the stock. in a research note on Thursday, February 5th. Finally, Stephens reaffirmed an “overweight” rating and set a $232.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $192.83.

Old Dominion Freight Line Trading Up 2.1%

Shares of Old Dominion Freight Line stock opened at $202.18 on Tuesday. The company has a market capitalization of $42.14 billion, a PE ratio of 41.86, a PEG ratio of 4.18 and a beta of 1.20. Old Dominion Freight Line has a 12 month low of $126.01 and a 12 month high of $221.63. The stock’s fifty day simple moving average is $192.35 and its 200 day simple moving average is $163.99.

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

Insider Activity

In other news, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares in the company, valued at $424,055,222.69. This trade represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the transaction, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock worth $15,640,132 in the last quarter. Corporate insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently modified their holdings of ODFL. Brighton Jones LLC grew its holdings in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after acquiring an additional 79 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after acquiring an additional 5,866 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $7,478,000. Jump Financial LLC bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $2,891,000. Finally, Ossiam grew its holdings in shares of Old Dominion Freight Line by 8.7% in the 2nd quarter. Ossiam now owns 3,409 shares of the transportation company’s stock valued at $553,000 after acquiring an additional 272 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

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.