Bank of America Trims Old Dominion Freight Line (NASDAQ:ODFL) Target Price to $144.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price cut by equities researchers at Bank of America from $157.00 to $144.00 in a note issued to investors on Thursday, June 6th, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the transportation company’s stock. Bank of America‘s target price would indicate a potential downside of 3.98% from the stock’s previous close.

Several other equities analysts have also recently issued reports on ODFL. KeyCorp upped their price target on shares of Old Dominion Freight Line from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, February 8th. Zacks Investment Research raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $158.00 target price on the stock in a research note on Monday, March 11th. BidaskClub lowered shares of Old Dominion Freight Line from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Seaport Global Securities reissued a “buy” rating on shares of Old Dominion Freight Line in a research note on Friday, April 5th. Finally, ValuEngine raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Old Dominion Freight Line presently has an average rating of “Hold” and an average target price of $148.40.

ODFL traded up $0.71 on Thursday, reaching $149.97. The company had a trading volume of 375,900 shares, compared to its average volume of 498,567. Old Dominion Freight Line has a fifty-two week low of $115.00 and a fifty-two week high of $170.22. The firm has a market cap of $12.17 billion, a PE ratio of 20.32, a P/E/G ratio of 2.34 and a beta of 1.48. The firm’s fifty day simple moving average is $141.19. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.19 and a current ratio of 2.19.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, April 25th. The transportation company reported $1.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.06. Old Dominion Freight Line had a net margin of 15.32% and a return on equity of 23.87%. The firm had revenue of $990.78 million during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. Research analysts forecast that Old Dominion Freight Line will post 7.95 earnings per share for the current fiscal year.

Old Dominion Freight Line declared that its board has approved a share repurchase plan on Thursday, May 16th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the transportation company to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Several hedge funds have recently added to or reduced their stakes in ODFL. Capital Investment Advisory Services LLC acquired a new position in Old Dominion Freight Line during the 4th quarter worth about $29,000. Oregon Public Employees Retirement Fund increased its holdings in shares of Old Dominion Freight Line by 9,888.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,182,730 shares of the transportation company’s stock valued at $34,000 after acquiring an additional 4,140,856 shares during the last quarter. Ranger Investment Management L.P. purchased a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $36,000. JOYN Advisors Inc. increased its holdings in shares of Old Dominion Freight Line by 58.2% in the 4th quarter. JOYN Advisors Inc. now owns 299 shares of the transportation company’s stock valued at $37,000 after acquiring an additional 110 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Old Dominion Freight Line by 42.5% in the 1st quarter. CWM LLC now owns 258 shares of the transportation company’s stock valued at $37,000 after acquiring an additional 77 shares during the last quarter. Institutional investors own 71.24% of the company’s stock.

About Old Dominion Freight Line

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

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Analyst Recommendations for Old Dominion Freight Line (NASDAQ:ODFL)

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