Wells Fargo & Company Trims Old Dominion Freight Line (NASDAQ:ODFL) Target Price to $160.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective reduced by research analysts at Wells Fargo & Company from $170.00 to $160.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the transportation company’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 16.09% from the company’s current price.

Several other brokerages also recently weighed in on ODFL. Stephens reaffirmed an “overweight” rating and set a $214.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. Susquehanna lifted their price target on Old Dominion Freight Line from $210.00 to $225.00 and gave the stock a “positive” rating in a report on Wednesday, September 18th. Barclays reduced their price target on shares of Old Dominion Freight Line from $195.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Thursday. Evercore ISI cut their price objective on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a research report on Thursday, October 3rd. Finally, BMO Capital Markets lowered their price target on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $197.50.

Old Dominion Freight Line Price Performance

Shares of ODFL stock traded up $2.01 during mid-day trading on Thursday, hitting $190.68. The company had a trading volume of 400,293 shares, compared to its average volume of 1,544,705. The company has a market capitalization of $41.43 billion, a P/E ratio of 33.65, a P/E/G ratio of 4.18 and a beta of 0.99. The stock’s 50 day moving average price is $195.69 and its 200-day moving average price is $190.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. Old Dominion Freight Line has a 52-week low of $165.49 and a 52-week high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company earned $1.54 earnings per share. The firm’s revenue was down 3.0% on a year-over-year basis. Equities research analysts forecast that Old Dominion Freight Line will post 5.59 earnings per share for the current year.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently bought and sold shares of ODFL. Foundations Investment Advisors LLC boosted its position in shares of Old Dominion Freight Line by 0.6% in the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock valued at $1,611,000 after purchasing an additional 54 shares during the period. Farmers & Merchants Investments Inc. boosted its stake in Old Dominion Freight Line by 100.0% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the period. Conning Inc. grew its position in Old Dominion Freight Line by 5.8% during the 2nd quarter. Conning Inc. now owns 1,164 shares of the transportation company’s stock worth $206,000 after purchasing an additional 64 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its stake in Old Dominion Freight Line by 4.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,492 shares of the transportation company’s stock valued at $327,000 after purchasing an additional 66 shares during the period. Finally, Quent Capital LLC lifted its holdings in shares of Old Dominion Freight Line by 5.5% in the second quarter. Quent Capital LLC now owns 1,277 shares of the transportation company’s stock valued at $226,000 after purchasing an additional 67 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.