Wells Fargo & Company Issues Pessimistic Forecast for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price target cut by equities research analysts at Wells Fargo & Company from $195.00 to $185.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "underweight" rating on the transportation company's stock. Wells Fargo & Company's target price suggests a potential upside of 2.41% from the stock's current price.

Other research analysts have also issued research reports about the company. Evercore ISI decreased their price objective on Old Dominion Freight Line from $199.00 to $188.00 and set an "in-line" rating on the stock in a report on Thursday, October 3rd. Argus cut shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Susquehanna restated a "neutral" rating and set a $195.00 price target (down previously from $218.00) on shares of Old Dominion Freight Line in a report on Tuesday. Citigroup upped their price objective on Old Dominion Freight Line from $201.00 to $241.00 and gave the company a "neutral" rating in a report on Tuesday, November 12th. Finally, The Goldman Sachs Group raised their target price on Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a "neutral" rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $204.12.

Old Dominion Freight Line Stock Performance

ODFL stock traded down $2.03 during trading on Tuesday, hitting $180.64. 1,498,540 shares of the company traded hands, compared to its average volume of 1,160,559. The stock's 50-day simple moving average is $204.71 and its 200 day simple moving average is $197.45. Old Dominion Freight Line has a 1 year low of $165.49 and a 1 year high of $233.26. The company has a market cap of $38.57 billion, a PE ratio of 31.58, a P/E/G ratio of 4.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company posted $1.54 EPS. The company's revenue for the quarter was down 3.0% on a year-over-year basis. On average, equities analysts expect that Old Dominion Freight Line will post 5.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 7,000 shares of the business's stock in a transaction on 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 of the company's stock, valued at $19,584,852.30. The trade was a 6.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leo H. Suggs sold 3,000 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the transaction, the director now directly owns 7,383 shares in the company, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Benjamin Edwards Inc. acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth about $25,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Old Dominion Freight Line in the third quarter valued at approximately $45,000. Cullen Frost Bankers Inc. raised its stake in shares of 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 worth $40,000 after purchasing an additional 189 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in shares of Old Dominion Freight Line by 398.1% during the third quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company's stock worth $53,000 after purchasing an additional 215 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new position in Old Dominion Freight Line in the 3rd quarter valued at $64,000. Hedge funds and other 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.