Wells Fargo & Company Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its target price dropped by analysts at Wells Fargo & Company from $195.00 to $185.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the transportation company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 3.02% from the company’s previous close.

A number of other brokerages have also issued reports on ODFL. Barclays increased their target price on shares of Old Dominion Freight Line from $190.00 to $220.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Argus lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Susquehanna reissued a “neutral” rating and issued a $195.00 price objective (down previously from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday. Finally, Stephens reaffirmed an “overweight” rating and set a $240.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $204.12.

Old Dominion Freight Line Stock Down 0.6 %

NASDAQ:ODFL opened at $179.58 on Tuesday. The firm has a market capitalization of $38.34 billion, a PE ratio of 31.40, a price-to-earnings-growth ratio of 4.21 and a beta of 1.05. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $233.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average of $203.81 and a 200-day moving average of $197.37.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 earnings per share. Analysts predict that Old Dominion Freight Line will post 5.42 EPS for the current year.

Insider Activity

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $225.44, for a total transaction of $676,320.00. Following the transaction, the director now owns 7,383 shares in the company, valued at $1,664,423.52. This trade represents a 28.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $200.07, for a total value of $1,400,490.00. Following the completion of the sale, the director now directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Old Dominion Freight Line

Institutional investors and hedge funds have recently bought and sold shares of the stock. Benjamin Edwards Inc. bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth about $25,000. Cullen Frost Bankers Inc. increased its stake in Old Dominion Freight Line by 472.5% during the second quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company’s stock valued at $40,000 after acquiring an additional 189 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in Old Dominion Freight Line in the 3rd quarter valued at approximately $45,000. Brown Brothers Harriman & Co. lifted its position in shares of Old Dominion Freight Line by 398.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock worth $53,000 after acquiring an additional 215 shares during the period. Finally, Quarry LP acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $60,000. Institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.