Susquehanna Increases Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $228.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price boosted by research analysts at Susquehanna from $224.00 to $228.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the transportation company’s stock. Susquehanna’s target price would suggest a potential downside of 2.10% from the stock’s current price.

ODFL has been the topic of a number of other research reports. Evercore upgraded Old Dominion Freight Line from an “in-line” rating to an “outperform” rating in a research report on Wednesday, July 1st. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Friday. UBS Group upped their price objective on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price objective on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a research note on Monday, June 8th. Finally, Argus upped their price target on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $220.91.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $232.90 on Tuesday. The stock has a 50-day moving average of $219.14 and a two-hundred day moving average of $200.42. The stock has a market cap of $48.44 billion, a P/E ratio of 48.72, a P/E/G ratio of 4.16 and a beta of 1.18. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.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 prior year, the company earned $1.19 earnings per share. The company’s revenue was down 2.9% on a year-over-year basis. Analysts predict that Old Dominion Freight Line will post 5.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Greg C. Gantt sold 22,107 shares of the company’s 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 directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ODFL. Norges Bank acquired a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $444,983,000. Boston Partners purchased a new position in shares of Old Dominion Freight Line in the third quarter worth about $292,599,000. Price T Rowe Associates Inc. MD grew its stake in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares in the last quarter. Two Sigma Investments LP lifted its stake in Old Dominion Freight Line by 637.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after purchasing an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $188,651,000. 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.