Old Dominion Freight Line (NASDAQ:ODFL) Price Target Raised to $232.00 at Stifel Nicolaus

Key Points

• Stifel Nicolaus raised its price target on Old Dominion Freight Line to $232.00 (from $228.00), implying roughly a 9.2% upside from the current share price.
• Old Dominion beat quarterly EPS estimates ($1.14 vs. $1.05) and reported $1.33 billion in revenue (slightly above estimates) despite revenue declining 2.9% year-over-year, with a 23.42% ROE and an 18.46% net margin.
• Insider selling: Chairman David S. Congdon sold 52,000 shares and another insider sold 25,000, with insiders offloading 80,134 shares (~$15.6 million) in the past three months while retaining about 10% ownership.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price objective upped by analysts at Stifel Nicolaus from $228.00 to $232.00 in a research note issued to investors on Thursday,MarketScreener reports. Stifel Nicolaus' target price would suggest a potential upside of 9.21% from the company's current price.

ODFL has been the topic of a number of other research reports. UBS Group reissued a "neutral" rating and set a $202.00 price objective (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Wolfe Research increased their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an "underperform" rating in a research note on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft lowered shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 price target for the company. in a report on Thursday, February 5th. Barclays set a $210.00 price objective on Old Dominion Freight Line and gave the company an "equal weight" rating in a research report on Thursday. Finally, Rothschild & Co Redburn boosted their target price on Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a "sell" rating in a research report on Friday, February 6th. Eight analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $203.96.

Old Dominion Freight Line Trading Up 1.5%

NASDAQ ODFL opened at $212.43 on Thursday. The firm has a market cap of $44.25 billion, a price-to-earnings ratio of 44.44, a PEG ratio of 4.37 and a beta of 1.20. The company has a 50 day moving average of $201.00 and a 200-day moving average of $172.87. Old Dominion Freight Line has a 1-year low of $126.01 and a 1-year high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the company earned $1.19 EPS. Old Dominion Freight Line's revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line will post 5.15 earnings per share for the current year.

Insider Transactions at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the sale, the chairman directly owned 712,800 shares of the company's stock, valued at $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Earl E. Congdon sold 25,000 shares of the company's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares of the company's stock, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,134 shares of company stock worth $15,640,132 in the last three months. Insiders own 10.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ODFL. Waterfront Wealth Inc. raised its holdings in Old Dominion Freight Line by 5.7% in the first quarter. Waterfront Wealth Inc. now owns 8,770 shares of the transportation company's stock worth $1,714,000 after purchasing an additional 476 shares during the period. Peterson Wealth Services increased its position in shares of Old Dominion Freight Line by 3.5% in the 1st quarter. Peterson Wealth Services now owns 18,692 shares of the transportation company's stock valued at $3,652,000 after buying an additional 639 shares in the last quarter. Kestra Advisory Services LLC raised its stake in Old Dominion Freight Line by 2.1% during the 1st quarter. Kestra Advisory Services LLC now owns 13,979 shares of the transportation company's stock worth $2,732,000 after buying an additional 281 shares during the period. Granite Investment Partners LLC raised its stake in Old Dominion Freight Line by 24.8% during the 1st quarter. Granite Investment Partners LLC now owns 90,092 shares of the transportation company's stock worth $17,604,000 after buying an additional 17,887 shares during the period. Finally, Resona Asset Management Co. Ltd. lifted its holdings in Old Dominion Freight Line by 0.3% during the first quarter. Resona Asset Management Co. Ltd. now owns 63,657 shares of the transportation company's stock worth $12,373,000 after acquiring an additional 199 shares in the last quarter. 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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