Rothschild & Co Redburn Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Key Points

• Rothschild & Co Redburn cut its price target on Old Dominion Freight Line from $176 to $172 and kept a sell rating, implying about 11.7% downside from the prior close.
• Despite the bearish call, Old Dominion has a mixed Wall Street view overall: 8 Buy, 16 Hold, and 2 Sell ratings, with a consensus Hold and an average price target of $206.29.
• The company recently beat quarterly earnings estimates, posting $1.14 EPS versus $1.05 expected, though revenue still declined 2.9% year over year; shares were last quoted at $194.70.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price objective reduced by equities research analysts at Rothschild & Co Redburn from $176.00 to $172.00 in a report released on Tuesday,MarketScreener reports. The brokerage currently has a "sell" rating on the transportation company's stock. Rothschild & Co Redburn's price objective would suggest a potential downside of 11.66% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. Raymond James Financial reaffirmed an "outperform" rating and issued a $224.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Stifel Nicolaus upped their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Susquehanna reaffirmed a "neutral" rating and set a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Zacks Research upgraded Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 10th. Finally, Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $206.29.

Old Dominion Freight Line Stock Down 0.2%

Shares of NASDAQ:ODFL opened at $194.70 on Tuesday. The stock has a market capitalization of $40.49 billion, a P/E ratio of 41.17, a PEG ratio of 4.06 and a beta of 1.17. Old Dominion Freight Line has a 52 week low of $126.01 and a 52 week high of $233.79. The firm has a fifty day simple moving average of $201.12 and a two-hundred day simple moving average of $175.45.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (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 business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company earned $1.19 EPS. The company's revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts expect that Old Dominion Freight Line will post 5.32 earnings per share for the current year.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the sale, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 102,241 shares of company stock valued at $19,874,065. 10.00% of the stock is owned by insiders.

Institutional Trading of Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after buying an additional 62 shares during the last quarter. Evolution Wealth Management Inc. acquired a new stake in shares of Old Dominion Freight Line during the first quarter worth about $29,000. Reflection Asset Management purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $28,000. Westside Investment Management Inc. boosted its position in shares of Old Dominion Freight Line by 100.0% in the 3rd 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 during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at about $39,000. 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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