Old Dominion Freight Line (NASDAQ:ODFL) Price Target Cut to $224.00 by Analysts at Stifel Nicolaus

Old Dominion Freight Line (NASDAQ:ODFL) had its target price dropped by equities research analysts at Stifel Nicolaus from $230.00 to $224.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the transportation company’s stock. Stifel Nicolaus‘s target price suggests a potential upside of 29.24% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Evercore reissued an “outperform” rating and set a $243.00 target price (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Susquehanna reduced their target price on Old Dominion Freight Line from $232.00 to $202.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Morgan Stanley downgraded Old Dominion Freight Line from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $235.00 to $245.00 in a research report on Monday, July 6th. JPMorgan Chase & Co. decreased their price target on Old Dominion Freight Line from $250.00 to $232.00 and set a “neutral” rating for the company in a research report on Monday, October 5th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $210.00 price target on shares of Old Dominion Freight Line in a report on Thursday. Ten investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average price target of $219.39.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $173.32 on Thursday. The firm has a 50-day moving average of $184.85 and a 200-day moving average of $201.47. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The company has a market cap of $35.94 billion, a P/E ratio of 33.40, a P/E/G ratio of 3.02 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.04. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same period in the previous year, the company earned $1.28 earnings per share. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, research analysts expect that Old Dominion Freight Line will post 5.86 earnings per share for the current fiscal year.

Insider Activity at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.20% of the company’s stock.

Institutional Trading of Old Dominion Freight Line

A number of large investors have recently bought and sold shares of ODFL. BlackRock Inc. bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at $3,416,007,000. Bank of New York Mellon Corp purchased a new stake in Old Dominion Freight Line during the 2nd quarter worth about $543,289,000. Legal & General Group Plc purchased a new stake in Old Dominion Freight Line during the 2nd quarter worth about $253,155,000. Caisse de depot et placement du Quebec bought a new position in Old Dominion Freight Line in the 2nd quarter worth about $190,557,000. Finally, Bank of America Corp DE bought a new position in Old Dominion Freight Line in the 2nd quarter worth about $160,147,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Key Old Dominion Freight Line News

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Third-quarter results exceeded expectations: Adjusted earnings were $1.65 per share versus the $1.61 consensus estimate, while revenue rose 13.1% year over year to $1.59 billion, ahead of the $1.57 billion forecast. Revenue growth and stronger pricing supported the beat. Old Dominion Freight Line Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Operating efficiency improved: Old Dominion’s third-quarter operating ratio improved 280 basis points to 71.5%, indicating better cost control and profitability. The company also benefited from higher yields despite continued freight-volume weakness. Old Dominion: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Pricing remains a key support: Management’s ability to maintain pricing and improve productivity is helping offset soft shipment volumes. Investors are looking for evidence that these gains can continue until the less-than-truckload freight cycle recovers. ODFL Q3 Earnings Beat Estimates on Strong Yield and Cost Control
• Negative Sentiment: Fourth-quarter guidance raised margin concerns: Old Dominion projected fourth-quarter revenue of $1.54 billion to $1.58 billion and an operating ratio of approximately 73.5%. The expected sequential increase in the operating ratio suggests profitability may weaken, while the revenue range implies limited near-term volume momentum. Old Dominion Outlines Fourth-Quarter Revenue Outlook
• Negative Sentiment: Investors questioned the durability of the earnings beat: The strong quarter was driven more by pricing and cost control than by freight-volume growth. With the stock trading at a relatively elevated valuation, the softer outlook and margin debate appear to be outweighing the quarterly earnings and revenue beats. Old Dominion Freight Line Stock Price Retreats as Q3 Results Fuel Margin Debate

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.