Morgan Stanley Boosts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $170.00

Old Dominion Freight Line (NASDAQ:ODFL) had its price target raised by investment analysts at Morgan Stanley from $165.00 to $170.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s price target would suggest a potential downside of 14.25% from the stock’s current price.

Several other brokerages also recently commented on ODFL. BMO Capital Markets reduced their target price on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, October 24th. Stifel Nicolaus boosted their target price on shares of Old Dominion Freight Line from $176.00 to $193.00 and gave the company a “hold” rating in a research note on Thursday, January 23rd. TD Cowen cut their price target on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a report on Thursday, October 24th. Robert W. Baird cut their price target on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. lifted their price target on Old Dominion Freight Line from $186.00 to $205.00 and gave the company a “neutral” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $202.56.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL traded up $4.60 during trading on Thursday, reaching $198.25. The stock had a trading volume of 250,417 shares, compared to its average volume of 1,416,154. Old Dominion Freight Line has a 52 week low of $165.49 and a 52 week high of $233.26. The firm has a market capitalization of $42.33 billion, a price-to-earnings ratio of 34.83, a P/E/G ratio of 4.95 and a beta of 1.05. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $191.21 and a two-hundred day simple moving average of $197.70.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. As a group, analysts anticipate 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 other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Old Dominion Freight Line

Hedge funds have recently added to or reduced their stakes in the company. Avanza Fonder AB acquired a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $3,741,000. Toronto Dominion Bank grew its stake in Old Dominion Freight Line by 77.7% in the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock valued at $19,479,000 after acquiring an additional 42,880 shares during the period. Board of the Pension Protection Fund purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $600,000. Sequoia Financial Advisors LLC boosted its position in shares of Old Dominion Freight Line by 20.5% during the third quarter. Sequoia Financial Advisors LLC now owns 5,979 shares of the transportation company’s stock valued at $1,188,000 after buying an additional 1,017 shares during the last quarter. Finally, Reliant Investment Management LLC boosted its position in shares of Old Dominion Freight Line by 10.4% during the fourth quarter. Reliant Investment Management LLC now owns 21,850 shares of the transportation company’s stock valued at $3,854,000 after buying an additional 2,060 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

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.