JPMorgan Chase & Co. Issues Pessimistic Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Key Points

• JPMorgan cut Old Dominion Freight Line’s price target from $250 to $232 while maintaining a “neutral” rating, implying roughly 29% upside from the prior close.
• Analyst sentiment remains mixed but leans toward “Hold”: the consensus target is $225.57, based on 10 Buy, 14 Hold and 2 Sell ratings.
• ODFL shares traded at $179.47, below their 50-day and 200-day moving averages, despite the company reporting quarterly EPS and revenue above analyst expectations.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price target decreased by research analysts at JPMorgan Chase & Co. from $250.00 to $232.00 in a report released on Monday, Benzinga reports. The firm currently has a "neutral" rating on the transportation company's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 29.27% from the stock's previous close.

Several other brokerages have also commented on ODFL. Susquehanna dropped their price target on shares of Old Dominion Freight Line from $232.00 to $202.00 and set a "neutral" rating on the stock in a research note on Friday. Raymond James Financial reaffirmed an "outperform" rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Barclays lifted their price target on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 25th. Citigroup raised shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and reduced their price target for the company from $231.00 to $223.00 in a research report on Tuesday, September 8th. Finally, Bank of America decreased their price objective on shares of Old Dominion Freight Line from $240.00 to $205.00 in a research note on Friday, September 4th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $225.57.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL traded down $1.01 on Monday, hitting $179.47. 750,103 shares of the company's stock were exchanged, compared to its average volume of 2,007,841. The firm's 50-day moving average is $195.64 and its 200 day moving average is $207.99. The company has a market capitalization of $37.21 billion, a PE ratio of 34.50, a P/E/G ratio of 3.02 and a beta of 1.20. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business's revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.27 EPS. On average, analysts anticipate that Old Dominion Freight Line will post 5.79 EPS for the current fiscal year.

Insider Activity

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president directly owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.20% of the company's stock.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Old Dominion Freight Line in the second quarter valued at $3,416,007,000. Bank of New York Mellon Corp purchased a new stake in Old Dominion Freight Line during the second quarter worth $543,289,000. Boston Partners grew its holdings in 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 purchasing an additional 2,044,434 shares during the last quarter. Legal & General Group Plc acquired a new stake in Old Dominion Freight Line in the second quarter valued at $253,155,000. Finally, Franklin Resources Inc. increased its position in shares of Old Dominion Freight Line by 122.9% in the fourth quarter. Franklin Resources Inc. now owns 1,822,304 shares of the transportation company's stock valued at $285,737,000 after buying an additional 1,004,609 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.

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