Argus Forecasts Strong Price Appreciation for Old Dominion Freight Line (NASDAQ:ODFL) Stock

Old Dominion Freight Line (NASDAQ:ODFL) had its target price hoisted by research analysts at Argus from $220.00 to $260.00 in a research report issued on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the transportation company’s stock. Argus’ price objective indicates a potential upside of 19.07% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Stifel Nicolaus boosted their price target on Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Susquehanna upped their target price on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Wolfe Research increased their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a report on Tuesday, April 7th. Finally, Morgan Stanley set a $235.00 price target on shares of Old Dominion Freight Line and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and a consensus price target of $217.30.

Old Dominion Freight Line Stock Down 5.7%

NASDAQ:ODFL opened at $218.36 on Thursday. The stock has a market capitalization of $45.41 billion, a price-to-earnings ratio of 45.68, a PEG ratio of 4.69 and a beta of 1.17. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $252.03. The firm has a 50 day moving average of $216.95 and a 200 day moving average of $191.92.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the company earned $1.19 earnings per share. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, analysts expect that Old Dominion Freight Line will post 5.38 EPS for the current year.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Annis Gardner Whiting Capital Advisors LLC lifted its stake in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares in the last quarter. Reflection Asset Management purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $28,000. Evolution Wealth Management Inc. acquired a new stake in shares of Old Dominion Freight Line in the first quarter valued at approximately $29,000. DT Investment Partners LLC increased its holdings in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in Old Dominion Freight Line during the third quarter worth approximately $37,000. Institutional investors and hedge funds 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.