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

Old Dominion Freight Line (NASDAQ:ODFL) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $158.00 to $146.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the transportation company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 12.94% from the stock’s previous close.

Several other brokerages have also recently commented on ODFL. Stephens reissued an “overweight” rating and issued a $180.00 price target (down previously from $200.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 24th. Baird R W upgraded Old Dominion Freight Line to a “hold” rating in a research note on Tuesday, July 1st. Truist Financial lifted their price objective on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, June 30th. Benchmark reissued a “hold” rating and issued a $102.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 12th. Finally, Susquehanna dropped their target price on shares of Old Dominion Freight Line from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $174.45.

Old Dominion Freight Line Stock Up 2.1%

Shares of ODFL stock traded up $3.38 during mid-day trading on Tuesday, reaching $167.69. 448,906 shares of the company were exchanged, compared to its average volume of 1,649,125. The company has a market capitalization of $35.44 billion, a P/E ratio of 31.46, a P/E/G ratio of 3.53 and a beta of 1.25. The business’s 50 day simple moving average is $162.31 and its 200 day simple moving average is $170.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.32 and a current ratio of 1.32. Old Dominion Freight Line has a fifty-two week low of $144.90 and a fifty-two week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.05. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Old Dominion Freight Line had a net margin of 20.04% and a return on equity of 27.40%. The company’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 earnings per share. Research analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Larson Financial Group LLC lifted its position in Old Dominion Freight Line by 234.8% in the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company’s stock worth $25,000 after buying an additional 108 shares during the last quarter. American National Bank & Trust purchased a new stake in Old Dominion Freight Line in the first quarter worth $30,000. Wayfinding Financial LLC purchased a new stake in Old Dominion Freight Line in the first quarter worth $39,000. Zions Bancorporation National Association UT purchased a new stake in Old Dominion Freight Line in the first quarter worth $39,000. Finally, Itau Unibanco Holding S.A. increased its stake in Old Dominion Freight Line by 518.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company’s stock worth $40,000 after purchasing an additional 192 shares during the period. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

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