Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised its price target on Old Dominion Freight Line from $225 to $250 and kept a buy rating, implying about 9.36% upside from the prior close.
• Other analysts have also turned more positive, with recent price-target increases from firms like Stephens, JPMorgan, Goldman Sachs, and Wells Fargo. Overall, MarketBeat shows a consensus Hold rating with an average target of $222.
• Old Dominion recently topped quarterly earnings expectations, reporting $1.14 EPS versus the $1.05 estimate and revenue of $1.33 billion. The stock was trading near $228.61, close to its 52-week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price target lifted by stock analysts at Truist Financial from $225.00 to $250.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the transportation company's stock. Truist Financial's target price points to a potential upside of 9.36% from the company's previous close.

A number of other analysts have also commented on ODFL. Stephens reissued an "overweight" rating and issued a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Old Dominion Freight Line in a research report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a research note on Monday, June 8th. The Goldman Sachs Group reissued a "buy" rating and set a $235.00 price target (up from $209.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 23rd. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and increased their price objective for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $222.00.

Old Dominion Freight Line Price Performance

ODFL stock opened at $228.61 on Wednesday. The stock has a market capitalization of $47.54 billion, a P/E ratio of 47.83, a P/E/G ratio of 4.24 and a beta of 1.18. Old Dominion Freight Line has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The business has a 50-day moving average of $219.79 and a 200-day moving average of $200.92.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter in the previous year, the business posted $1.19 EPS. The business's quarterly revenue was down 2.9% compared to the same quarter last year. Equities analysts expect that Old Dominion Freight Line will post 5.51 EPS for the current year.

Insider Buying and Selling

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company's stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 10.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds have recently bought and sold shares of the company. Bogart Wealth LLC raised its holdings in shares of Old Dominion Freight Line by 9.9% in 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 during the period. Private Advisor Group LLC grew its holdings in shares of Old Dominion Freight Line by 1.3% during the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock worth $814,000 after purchasing an additional 55 shares during the period. Keybank National Association OH grew its holdings in shares of Old Dominion Freight Line by 2.3% during the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock worth $479,000 after purchasing an additional 56 shares during the period. Deseret Mutual Benefit Administrators increased its position in Old Dominion Freight Line by 9.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock worth $101,000 after purchasing an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its position in Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock worth $812,000 after purchasing an additional 60 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

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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