Wells Fargo & Company Has Lowered Expectations for Old Dominion Freight Line (NASDAQ:ODFL) Stock Price

Old Dominion Freight Line (NASDAQ:ODFL) had its target price cut by equities researchers at Wells Fargo & Company from $195.00 to $185.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the transportation company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 2.72% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Argus lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Stephens reiterated an “overweight” rating and set a $240.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, December 4th. JPMorgan Chase & Co. boosted their price objective on shares of 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. The Goldman Sachs Group raised their price objective on Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Finally, Citigroup boosted their target price on Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fifteen have assigned 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, the stock currently has a consensus rating of “Hold” and an average target price of $204.12.

Old Dominion Freight Line Price Performance

Shares of ODFL traded down $2.56 during mid-day trading on Tuesday, hitting $180.11. 198,195 shares of the company traded hands, compared to its average volume of 825,742. The stock has a market capitalization of $38.45 billion, a price-to-earnings ratio of 31.49, a PEG ratio of 4.21 and a beta of 1.05. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average of $204.71 and a 200 day moving average of $197.45. Old Dominion Freight Line has a one year low of $165.49 and a one year high of $233.26.

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

Insiders Place Their Bets

In related 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 transaction, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. This trade represents a 6.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total transaction of $676,320.00. Following the completion of the sale, the director now directly owns 7,383 shares of the company’s stock, 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. Corporate insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ODFL. Nordea Investment Management AB raised its holdings in shares of Old Dominion Freight Line by 1.4% in the 4th quarter. Nordea Investment Management AB now owns 15,629 shares of the transportation company’s stock worth $2,788,000 after acquiring an additional 213 shares during the last quarter. Central Pacific Bank Trust Division raised its stake in shares of Old Dominion Freight Line by 4.9% in the fourth quarter. Central Pacific Bank Trust Division now owns 3,858 shares of the transportation company’s stock worth $681,000 after purchasing an additional 179 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Old Dominion Freight Line by 12.1% during the fourth quarter. GAMMA Investing LLC now owns 2,091 shares of the transportation company’s stock valued at $369,000 after buying an additional 226 shares during the last quarter. Versant Capital Management Inc grew its holdings in Old Dominion Freight Line by 45.5% during the fourth quarter. Versant Capital Management Inc now owns 352 shares of the transportation company’s stock worth $62,000 after buying an additional 110 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Old Dominion Freight Line by 26.9% in the 3rd quarter. Principal Financial Group Inc. now owns 421,140 shares of the transportation company’s stock valued at $83,655,000 after buying an additional 89,395 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

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.