Old Dominion Freight Line (NASDAQ:ODFL) Given New $215.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley raised its price target on Old Dominion Freight Line to $215 (from $209) and kept an "overweight" rating, though the new target implies roughly a 3.85% downside from the current stock price.
• Analyst consensus is a Hold with an average target of $197.38—nine analysts rate the stock Buy, fifteen Hold and two Sell—showing mixed sentiment despite several higher individual targets.
• ODFL recently beat quarterly estimates (EPS $1.14 vs. $1.05; revenue $1.33B vs. $1.30B) but revenue declined 2.9% YoY, and insiders have sold about 80,134 shares (~$15.6M) over the past 90 days.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price target boosted by stock analysts at Morgan Stanley from $209.00 to $215.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has an "overweight" rating on the transportation company's stock. Morgan Stanley's target price indicates a potential downside of 3.85% from the stock's current price.

Several other equities analysts have also recently issued reports on ODFL. TD Cowen boosted their target price on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a "hold" rating in a research report on Thursday, February 5th. Raymond James Financial lifted their price target on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an "outperform" rating in a research note on Friday, February 6th. Wall Street Zen upgraded Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research report on Sunday, January 25th. Susquehanna reissued a "neutral" rating and issued a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 11th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Nine analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $197.38.

Old Dominion Freight Line Stock Up 0.8%

Shares of NASDAQ:ODFL opened at $223.60 on Tuesday. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $227.08. The firm's 50-day simple moving average is $200.34 and its 200-day simple moving average is $172.33. The company has a market cap of $46.57 billion, a price-to-earnings ratio of 46.12, a PEG ratio of 4.62 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm's revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 earnings per share. On average, research analysts forecast that Old Dominion Freight Line will post 5.13 EPS for the current year.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Bradley R. Gabosch sold 3,134 shares of the company's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the firm's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares of the company's stock, valued at approximately $138,832,056. This represents a 6.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds have recently added to or reduced their stakes in ODFL. Whittier Trust Co. of Nevada Inc. raised its position in Old Dominion Freight Line by 3.6% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 53,417 shares of the transportation company's stock worth $10,800,000 after acquiring an additional 1,874 shares during the last quarter. Whittier Trust Co. increased its stake in shares of Old Dominion Freight Line by 8.4% during the 1st quarter. Whittier Trust Co. now owns 108,136 shares of the transportation company's stock worth $21,863,000 after purchasing an additional 8,423 shares in the last quarter. Bogart Wealth LLC increased its stake in shares of Old Dominion Freight Line by 9.9% during the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after purchasing an additional 46 shares in the last quarter. DGS Capital Management LLC raised its position in shares of Old Dominion Freight Line by 12.3% during the 1st quarter. DGS Capital Management LLC now owns 1,814 shares of the transportation company's stock worth $354,000 after purchasing an additional 198 shares during the last quarter. Finally, Ascentis Independent Advisors acquired a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $86,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

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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