BMO Capital Markets Issues Positive Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Key Points

• BMO Capital Markets raised its price target on Old Dominion Freight Line to $230 (from $215) and maintained an "outperform" rating, implying roughly a 19.7% upside from the prior close.
• Old Dominion beat the latest quarterly estimates with $1.14 EPS versus $1.05 and $1.33 billion in revenue versus $1.31 billion, although revenue was down 2.9% year‑over‑year and the stock is trading near $192 (market cap ~$40B, 52‑week high $233.79).
• The street consensus is a "Hold" (8 Buys, 16 Holds, 2 Sells) with an average target of $206.46, while insiders sold about 80,134 shares (~$15.6M) in the past 90 days and institutional ownership stands at ~77.8%.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its target price hoisted by investment analysts at BMO Capital Markets from $215.00 to $230.00 in a research note issued to investors on Monday,MarketScreener reports. The brokerage currently has an "outperform" rating on the transportation company's stock. BMO Capital Markets' price objective indicates a potential upside of 19.68% from the company's previous close.

Several other research firms have also recently weighed in on ODFL. Zacks Research raised shares of Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 10th. Truist Financial set a $225.00 target price on Old Dominion Freight Line in a report on Thursday, February 5th. Morgan Stanley set a $235.00 price target on shares of Old Dominion Freight Line and gave the company an "overweight" rating in a research report on Thursday. 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 note on Wednesday, April 22nd. Finally, The Goldman Sachs Group set a $216.00 price target on Old Dominion Freight Line and gave the company a "neutral" rating in a report on Thursday. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of "Hold" and an average target price of $206.46.

Old Dominion Freight Line Stock Down 6.6%

Shares of ODFL opened at $192.18 on Monday. The company has a market capitalization of $40.03 billion, a P/E ratio of 40.21, a price-to-earnings-growth ratio of 4.22 and a beta of 1.17. Old Dominion Freight Line has a twelve month low of $126.01 and a twelve month high of $233.79. The firm has a 50 day moving average of $201.00 and a 200 day moving average of $173.39.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.Old Dominion Freight Line's revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the company earned $1.19 EPS. On average, sell-side analysts expect that Old Dominion Freight Line will post 5.31 EPS for the current year.

Insider Activity

In other news, insider Earl E. Congdon sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the business's 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 transaction, the director owned 11,278 shares of the company's stock, valued at $2,190,977.06. This trade represents a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock valued at $15,640,132 in the last ninety days. Insiders own 10.00% of the company's stock.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ODFL. JPMorgan Chase & Co. raised its stake in shares of Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock worth $499,007,000 after buying an additional 622,275 shares during the period. Truist Financial Corp grew its stake in Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company's stock valued at $12,405,000 after acquiring an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. purchased a new stake in Old Dominion Freight Line in the 3rd quarter worth $4,307,000. Atlantic Union Bankshares Corp acquired a new position in Old Dominion Freight Line during the third quarter worth $1,999,000. Finally, Citigroup Inc. raised its position in Old Dominion Freight Line by 46.4% during the third quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company's stock worth $146,507,000 after acquiring an additional 329,895 shares during the period. Hedge funds and other institutional investors 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.

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