Wells Fargo & Company Upgrades Old Dominion Freight Line (NASDAQ:ODFL) to Equal Weight
by Renee Jackson · The Cerbat GemOld Dominion Freight Line (NASDAQ:ODFL – Get Free Report) was upgraded by equities research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a report issued on Tuesday,Finviz reports. The firm presently has a $200.00 target price on the transportation company’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 1.08% from the company’s previous close.
Other analysts have also issued reports about the company. Stephens restated an “overweight” rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Deutsche Bank Aktiengesellschaft lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price for the company. in a research note on Thursday, February 5th. Susquehanna restated a “neutral” rating and issued a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Zacks Research raised Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Finally, Citigroup reiterated a “neutral” rating and issued a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. Nine research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average price target of $192.83.
Get Our Latest Stock Analysis on Old Dominion Freight Line
Old Dominion Freight Line Stock Performance
Shares of NASDAQ:ODFL opened at $202.18 on Tuesday. Old Dominion Freight Line has a twelve month low of $126.01 and a twelve month high of $221.63. The firm has a market cap of $42.14 billion, a PE ratio of 41.86, a price-to-earnings-growth ratio of 4.18 and a beta of 1.20. The business has a fifty day moving average of $192.35 and a 200-day moving average of $163.99.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last announced its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the company posted $1.23 earnings per share. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, analysts anticipate that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.
Insider Buying and Selling 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 on 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 transaction, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the transaction, the director owned 11,278 shares in the company, valued at $2,190,977.06. The trade was a 21.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 80,134 shares of company stock worth $15,640,132. Insiders own 10.00% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in shares of Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares during the period. Truist Financial Corp lifted its stake in shares of Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after purchasing an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at $4,307,000. Atlantic Union Bankshares Corp acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at $1,999,000. Finally, Citigroup Inc. lifted its stake in shares of Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after purchasing an additional 329,895 shares during the period. 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.