Old Dominion Freight Line (NASDAQ:ODFL) Given New $198.00 Price Target at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group raised its price target on Old Dominion Freight Line to $198 (from $195) and maintained a Buy rating; that target implies roughly a 3.5% downside from the current share price.
• Overall analyst consensus is a Hold with a $195.50 average target (9 Buys, 14 Holds, 3 Sells), indicating mixed views despite several recent target increases from other firms.
• ODFL slightly beat the latest quarter (EPS $1.09 vs. $1.06; revenue $1.31B vs. $1.30B) though revenue fell 5.7% year-over-year; the stock trades near $205 with a market cap of $42.8B and a P/E of ~42.5, and insiders sold about $15.6M of shares over the past 90 days.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price target raised by equities research analysts at The Goldman Sachs Group from $195.00 to $198.00 in a research note issued on Thursday,MarketScreener reports. The firm presently has a "buy" rating on the transportation company's stock. The Goldman Sachs Group's target price would suggest a potential downside of 3.50% from the company's current price.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Old Dominion Freight Line from $182.00 to $183.00 and gave the company a "neutral" rating in a research note on Tuesday, April 7th. Susquehanna reaffirmed a "neutral" rating and set a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 11th. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Wolfe Research boosted their target price on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an "underperform" rating in a research report on Tuesday, April 7th. Finally, UBS Group reiterated a "neutral" rating and issued a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus target price of $195.50.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $205.19 on Thursday. The business's fifty day moving average is $195.75 and its two-hundred day moving average is $167.09. The firm has a market cap of $42.77 billion, a P/E ratio of 42.48, a P/E/G ratio of 4.43 and a beta of 1.20. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.23 earnings per share. On average, equities research analysts predict that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Bradley R. Gabosch sold 3,134 shares of the company'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 completion of the sale, the director owned 11,278 shares of the company's stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction 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 directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds have recently modified their holdings of the business. E Fund Management Hong Kong Co. Ltd. increased its position in shares of Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock worth $27,000 after acquiring an additional 123 shares in the last quarter. Westside Investment Management Inc. raised its stake in shares of Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after purchasing an additional 98 shares in the last quarter. Reflection Asset Management acquired a new stake in Old Dominion Freight Line in the fourth quarter valued at $28,000. DT Investment Partners LLC lifted its stake in Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line in the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 77.82% of the company's stock.

About Old Dominion Freight Line

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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