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

Key Points

• JPMorgan Chase & Co. has reduced its target price for Old Dominion Freight Line (ODFL) stock from $155.00 to $143.00, maintaining a "neutral" rating.
• Other brokerages have also cut their target prices for ODFL, with Citigroup giving a target of $173.00 and Wells Fargo setting it at $145.00.
• Despite the mixed ratings, ODFL currently boasts an average "Hold" rating from analysts and has 77.82% of its stock owned by institutional investors.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its target price dropped by JPMorgan Chase & Co. from $155.00 to $143.00 in a report issued on Wednesday,MarketScreener reports. The firm presently has a "neutral" rating on the transportation company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 1.87% from the company's previous close.

Several other brokerages have also issued reports on ODFL. Citigroup reduced their target price on Old Dominion Freight Line from $174.00 to $173.00 and set a "buy" rating on the stock in a research report on Wednesday, September 10th. Wells Fargo & Company decreased their price target on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating for the company in a report on Thursday, July 31st. Barclays dropped their price objective on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an "equal weight" rating on the stock in a report on Wednesday, October 1st. Stephens lowered their price target on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Finally, Benchmark restated a "hold" rating and issued a $102.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, June 12th. Eight investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus target price of $164.55.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $140.38 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The stock's fifty day moving average price is $146.74 and its 200-day moving average price is $156.31. The firm has a market cap of $29.50 billion, a P/E ratio of 27.36, a P/E/G ratio of 3.35 and a beta of 1.19. Old Dominion Freight Line has a 12 month low of $133.69 and a 12 month high of $233.26.

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

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ODFL. Larson Financial Group LLC raised its position in Old Dominion Freight Line by 234.8% in the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock valued at $25,000 after purchasing an additional 108 shares in the last quarter. Financial Gravity Companies Inc. purchased a new position in shares of Old Dominion Freight Line during the second quarter worth approximately $26,000. Rossby Financial LCC acquired a new position in Old Dominion Freight Line in the second quarter valued at $28,000. Wayfinding Financial LLC acquired a new stake in Old Dominion Freight Line during the 1st quarter worth approximately $39,000. Finally, Zions Bancorporation National Association UT acquired a new position in Old Dominion Freight Line during the first quarter worth $39,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

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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