Citigroup Issues Pessimistic Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Key Points

• Citigroup lowered the price target for Old Dominion Freight Line (ODFL) from $174.00 to $173.00, maintaining a "buy" rating which suggests a potential upside of 16.72% from its previous close.
• Institutional investors are increasing their holdings in Old Dominion, with notable increases from firms like GAMMA Investing LLC, which boosted its position by 48.7% in the first quarter.
• The company's recent earnings report showed an EPS of $1.27, falling short of expectations, along with a 6.1% year-over-year revenue decline, raising concerns among analysts.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price target lowered by equities research analysts at Citigroup from $174.00 to $173.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the transportation company's stock. Citigroup's price objective suggests a potential upside of 16.72% from the company's previous close.

A number of other equities research analysts also recently issued reports on ODFL. UBS Group reduced their price objective on shares of Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a research report on Thursday, July 31st. Truist Financial upped their price objective on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Robert W. Baird set a $148.00 price objective on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Monday, August 4th. Stifel Nicolaus decreased their price objective on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Finally, Barclays set a $155.00 target price on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $167.14.

Old Dominion Freight Line Trading Down 1.9%

NASDAQ:ODFL opened at $148.22 on Wednesday. Old Dominion Freight Line has a one year low of $140.71 and a one year high of $233.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a 50-day moving average of $156.27 and a 200-day moving average of $160.33. The company has a market cap of $31.15 billion, a PE ratio of 28.95, a PEG ratio of 3.51 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the company posted $1.48 earnings per share. The company's revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities research analysts expect that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Institutional Trading of Old Dominion Freight Line

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its position in shares of Old Dominion Freight Line by 48.7% in the first quarter. GAMMA Investing LLC now owns 3,109 shares of the transportation company's stock valued at $514,000 after acquiring an additional 1,018 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Old Dominion Freight Line by 9.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 17,595 shares of the transportation company's stock worth $2,911,000 after purchasing an additional 1,529 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Old Dominion Freight Line by 5.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,110 shares of the transportation company's stock worth $1,507,000 after purchasing an additional 443 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in Old Dominion Freight Line by 29.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,388 shares of the transportation company's stock worth $395,000 after purchasing an additional 537 shares in the last quarter. Finally, Wilkinson Global Asset Management LLC lifted its stake in Old Dominion Freight Line by 6.0% in the 1st quarter. Wilkinson Global Asset Management LLC now owns 107,819 shares of the transportation company's stock worth $17,839,000 after purchasing an additional 6,133 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 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.

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