Bank of America Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $204.00

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price objective cut by equities researchers at Bank of America from $237.00 to $204.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the transportation company's stock. Bank of America's target price would indicate a potential upside of 7.62% from the stock's previous close.

ODFL has been the subject of several other research reports. Stifel Nicolaus dropped their price objective on shares of Old Dominion Freight Line from $178.00 to $176.00 and set a "hold" rating for the company in a research note on Wednesday. Robert W. Baird dropped their price target on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Barclays boosted their price target on Old Dominion Freight Line from $190.00 to $220.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 13th. Susquehanna restated a "neutral" rating and set a $195.00 price objective (down previously from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. upped their target price on Old Dominion Freight Line from $186.00 to $205.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $201.50.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL traded down $0.37 during trading hours on Thursday, reaching $189.55. 1,306,990 shares of the stock were exchanged, compared to its average volume of 1,265,807. The firm has a market capitalization of $40.47 billion, a price-to-earnings ratio of 33.14, a P/E/G ratio of 3.40 and a beta of 1.05. The stock's fifty day simple moving average is $200.42 and its 200 day simple moving average is $197.52. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter last year, the business earned $1.54 EPS. The company's quarterly revenue was down 3.0% compared to the same quarter last year. Sell-side analysts predict that Old Dominion Freight Line will post 5.42 EPS for the current year.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 7,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $200.07, for a total value of $1,400,490.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leo H. Suggs sold 3,000 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the sale, the director now owns 7,383 shares in the company, valued at $1,664,423.52. This represents a 28.89 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ODFL. Wellington Management Group LLP grew its holdings in Old Dominion Freight Line by 109.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company's stock worth $285,094,000 after acquiring an additional 750,073 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Old Dominion Freight Line by 19,764.0% during the third quarter. International Assets Investment Management LLC now owns 685,308 shares of the transportation company's stock worth $136,130,000 after purchasing an additional 681,858 shares during the period. Bristol Gate Capital Partners Inc. bought a new stake in shares of Old Dominion Freight Line in the second quarter worth $92,697,000. Franklin Resources Inc. increased its holdings in Old Dominion Freight Line by 74.8% in the third quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company's stock valued at $207,068,000 after purchasing an additional 437,700 shares during the period. Finally, Bridges Investment Management Inc. raised its position in Old Dominion Freight Line by 136.0% during the 2nd quarter. Bridges Investment Management Inc. now owns 615,272 shares of the transportation company's stock worth $108,657,000 after purchasing an additional 354,588 shares during the last quarter. Institutional investors and hedge funds 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.