Old Dominion Freight Line (NASDAQ:ODFL) Rating Increased to Buy at Argus

Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by analysts at Argus from a “hold” rating to a “buy” rating in a research report issued on Thursday, Marketbeat reports. The firm presently has a $220.00 price target on the transportation company’s stock. Argus’ price target indicates a potential upside of 14.05% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Morgan Stanley reaffirmed an “overweight” rating and set a $209.00 price target (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Robert W. Baird downgraded Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and raised their price target for the stock from $166.00 to $204.00 in a report on Thursday, February 5th. Zacks Research upgraded Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Wolfe Research set a $138.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, January 8th. Finally, Truist Financial set a $225.00 target price 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, thirteen have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $189.88.

Old Dominion Freight Line Trading Down 0.8%

ODFL traded down $1.56 during trading on Thursday, reaching $192.90. The stock had a trading volume of 447,464 shares, compared to its average volume of 2,277,081. The stock’s 50 day moving average is $169.76 and its two-hundred day moving average is $152.25. The company has a market capitalization of $40.34 billion, a price-to-earnings ratio of 39.94, a P/E/G ratio of 9.71 and a beta of 1.28. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.23 earnings per share. On average, equities research analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Institutional Investors Weigh In On Old Dominion Freight Line

Large investors have recently made changes to their positions in the stock. Aviva PLC boosted its position in shares of Old Dominion Freight Line by 1.7% during the fourth quarter. Aviva PLC now owns 157,050 shares of the transportation company’s stock worth $24,625,000 after buying an additional 2,691 shares during the period. Peterson Wealth Services boosted its holdings in Old Dominion Freight Line by 988.8% during the 4th quarter. Peterson Wealth Services now owns 18,053 shares of the transportation company’s stock valued at $2,831,000 after acquiring an additional 16,395 shares during the period. Logan Capital Management Inc. boosted its holdings in Old Dominion Freight Line by 2.6% during the 4th quarter. Logan Capital Management Inc. now owns 90,509 shares of the transportation company’s stock valued at $14,192,000 after acquiring an additional 2,312 shares during the period. ICICI Prudential Asset Management Co Ltd grew its position in Old Dominion Freight Line by 4.0% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 3,355 shares of the transportation company’s stock valued at $526,000 after acquiring an additional 128 shares in the last quarter. Finally, Xponance LLC increased its stake in Old Dominion Freight Line by 5.5% during the fourth quarter. Xponance LLC now owns 29,084 shares of the transportation company’s stock worth $4,560,000 after purchasing an additional 1,523 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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.