Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $230.00

Key Points

• Jefferies Financial Group raised its price target on Old Dominion to $230 (from $210) but maintained a “Hold” rating, implying roughly a 4.6% upside from the prior close.
• Analyst consensus remains a Hold with a $196.33 average price target, while shares trade around $220 (market cap ≈ $45.9B) and carry a high valuation (PE ≈ 45.5).
• ODFL beat quarterly EPS estimates ($1.09 vs. $1.06) despite revenue falling 5.7% year-over-year, 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 hoisted by investment analysts at Jefferies Financial Group from $210.00 to $230.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the transportation company's stock. Jefferies Financial Group's target price indicates a potential upside of 4.55% from the company's previous close.

ODFL has been the topic of a number of other research reports. Citigroup raised their target price on shares of Old Dominion Freight Line from $216.00 to $218.00 and gave the company a "neutral" rating in a research report on Tuesday, April 7th. BMO Capital Markets restated an "outperform" rating on shares of Old Dominion Freight Line in a research report on Thursday, February 19th. JPMorgan Chase & Co. raised their target price on shares of Old Dominion Freight Line from $182.00 to $183.00 and gave the company a "neutral" rating in a research report on Tuesday, April 7th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $165.00 to $200.00 in a research report on Tuesday, April 7th. Finally, Stephens restated an "overweight" rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $196.33.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL traded down $4.44 during trading hours on Wednesday, hitting $219.98. 1,223,192 shares of the stock were exchanged, compared to its average volume of 2,230,908. The company has a market cap of $45.85 billion, a PE ratio of 45.54, a price-to-earnings-growth ratio of 4.68 and a beta of 1.20. The company's fifty day simple moving average is $197.43 and its two-hundred day simple moving average is $169.51. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $227.08.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates 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 5.7% on a year-over-year basis. During the same quarter last year, the business posted $1.23 EPS. As a group, sell-side analysts expect that Old Dominion Freight Line will post 5.12 EPS for the current fiscal year.

Insider Transactions at Old Dominion Freight Line

In other news, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the transaction, the director owned 11,278 shares in the company, valued at approximately $2,190,977.06. The trade was 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 owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 80,134 shares of company stock worth $15,640,132. Company insiders own 10.00% of the company's stock.

Hedge Funds Weigh In On Old Dominion Freight Line

Hedge funds have recently bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. raised its stake in 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 buying an additional 123 shares during the last quarter. Westside Investment Management Inc. increased its stake in Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. Reflection Asset Management bought a new stake in Old Dominion Freight Line in the fourth quarter valued at $28,000. DT Investment Partners LLC increased its stake in Old Dominion Freight Line by 600.0% in the fourth 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 in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in Old Dominion Freight Line in the third quarter valued at $37,000. Institutional investors 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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