JPMorgan Chase & Co. Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

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

Other analysts have also recently issued reports about the company. Truist Financial set a $230.00 price target on Old Dominion Freight Line and gave the company a “buy” rating in a research note on Wednesday, October 7th. Stifel Nicolaus lowered their price target on shares of Old Dominion Freight Line from $230.00 to $224.00 and set a “buy” rating on the stock in a research note on Thursday. Bank of America lowered their target price on Old Dominion Freight Line from $240.00 to $205.00 in a report on Friday, September 4th. Evercore restated an “outperform” rating and issued a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Finally, BMO Capital Markets set a $235.00 price target on Old Dominion Freight Line in a research note on Wednesday, October 7th. Ten analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $217.30.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $172.56 on Friday. The business’s 50 day moving average is $183.55 and its two-hundred day 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 company has a market capitalization of $35.78 billion, a P/E ratio of 31.04, a P/E/G ratio of 2.82 and a beta of 1.14.

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

Insider Buying and Selling at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Old Dominion Freight Line in the 2nd quarter valued at approximately $3,416,007,000. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line in the second quarter valued at about $543,289,000. Legal & General Group Plc acquired a new position in Old Dominion Freight Line in the second quarter worth $253,155,000. Caisse de depot et placement du Quebec bought a new position in Old Dominion Freight Line in the second quarter valued at about $190,557,000. Finally, Bank of America Corp DE acquired a new position in Old Dominion Freight Line in the second quarter valued at approximately $160,147,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.