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

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective increased by equities researchers at Morgan Stanley from $209.00 to $215.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm presently has an “overweight” rating on the transportation company’s stock. Morgan Stanley’s price target indicates a potential downside of 3.85% from the stock’s previous close.

A number of other equities research analysts also recently commented on ODFL. Deutsche Bank Aktiengesellschaft downgraded 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. Stephens reissued an “overweight” rating and set a $232.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Barclays set a $185.00 price target on Old Dominion Freight Line in a report on Thursday, February 5th. Finally, TD Cowen increased their price target on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $197.38.

Old Dominion Freight Line Stock Up 0.8%

Shares of NASDAQ:ODFL opened at $223.60 on Tuesday. The company has a market capitalization of $46.57 billion, a P/E ratio of 46.12, a P/E/G ratio of 4.62 and a beta of 1.20. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $227.08. The stock’s fifty day simple moving average is $200.34 and its 200-day simple moving average is $172.33.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data 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 24.03% and a net margin of 18.62%.The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the business posted $1.19 EPS. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Old Dominion Freight Line will post 5.13 earnings per share for the current year.

Insider Activity

In related news, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line 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 transaction, the director owned 11,278 shares in the company, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 80,134 shares of company stock valued at $15,640,132 in the last ninety days. Company insiders own 10.00% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of ODFL. Norges Bank purchased a new position in Old Dominion Freight Line in the fourth quarter valued at approximately $444,983,000. Boston Partners acquired a new stake in shares of Old Dominion Freight Line in the third quarter worth $292,599,000. Price T Rowe Associates Inc. MD raised its stake in shares of Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. Two Sigma Investments LP lifted its holdings in shares of Old Dominion Freight Line by 637.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after acquiring an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new stake in Old Dominion Freight Line during the 4th quarter worth $188,651,000. Hedge funds and other 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.