Stifel Nicolaus Boosts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $232.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price raised by stock analysts at Stifel Nicolaus from $228.00 to $232.00 in a research report issued on Thursday,MarketScreener reports. Stifel Nicolaus’ target price would indicate a potential upside of 9.21% from the stock’s current price.

A number of other brokerages have also weighed in on ODFL. The Goldman Sachs Group set a $216.00 target price on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Thursday. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, March 4th. Jefferies Financial Group upped their price objective on Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $183.00 to $197.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Citigroup reaffirmed a “neutral” rating and set a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $203.96.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $212.43 on Thursday. The company has a market capitalization of $44.25 billion, a P/E ratio of 44.44, a price-to-earnings-growth ratio of 4.37 and a beta of 1.20. The company’s 50 day moving average price is $201.00 and its two-hundred day moving average price is $172.87. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $233.79.

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 for the quarter, beating 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 company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the company earned $1.19 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line will post 5.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the sale, the chairman owned 712,800 shares in the company, valued at $138,832,056. This represents a 6.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. The trade was a 21.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,134 shares of company stock valued at $15,640,132 in the last 90 days. 10.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Old Dominion Freight Line by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after purchasing an additional 494,674 shares during the period. Price T Rowe Associates Inc. MD increased its position in Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp raised its stake in Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after buying an additional 70,736 shares during the period. CIBC Private Wealth Group LLC raised its stake in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares during the period. Finally, Boston Partners lifted its position in shares of Old Dominion Freight Line by 98.4% in the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after buying an additional 2,044,434 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

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.