TD Cowen Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $209.00

VaselineSeptember 8, 2024

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Old Dominion Freight Line (NASDAQ:ODFL – Get a Free Report) TD Cowen cut their price target on the stock from $214.00 to $209.00 in a note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a “hold” rating on the transportation company’s stock. TD Cowen’s price objective indicates a potential upside of 13.08% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating for the company in a report on Thursday. Bank of America boosted their price target on Old Dominion Freight Line from $192.00 to $203.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Stephens reissued an “overweight” rating and set a $214.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on Old Dominion Freight Line from $176.00 to $193.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Finally, Robert W. Baird raised their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th . One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $201.00.

Check out the latest stock analysis on ODFL

Inventories of the old Dominion freight line fell 0.7%

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Shares of ODFL stock opened at $184.82 on Friday. The stock has a 50-day moving average price of $194.08 and a 200-day moving average price of $197.46. Old Dominion Freight Line has a one year low of $165.49 and a one year high of $227.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46, and a current ratio of 1.46. The stock has a market cap of $40.16 billion, a price-to-earnings ratio of 32.54, a PEG ratio of 3.76 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL – Get Your Free Report ) last announced its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.03. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The company’s quarterly revenue was up 6.1% year over year. In the same quarter last year, the company posted EPS of $1.33. equities research analysts forecast that Old Dominion Freight Line will post 5.68 earnings per share for the current fiscal year.

Insiders place their bets

In other news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The transaction was disclosed in a filing with the SEC, which is available via this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. The disclosure for this sale can be found here. 9.90% of shares are owned by insiders.

Institutional investors are weighing in on Old Dominion Freight Line

A number of hedge funds have recently added to or reduced their stakes in the business. Benjamin Edwards Inc. acquired a new position in shares of Old Dominion Freight Line in the second quarter valued at $25,000. Trust Co. of Vermont purchased a new position in Old Dominion Freight Line in the fourth quarter valued at $27,000. Farmers & Merchants Investments Inc. boosted its holdings in Old Dominion Freight Line by 100.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the period. Atwood & Palmer Inc. raised its stake in Old Dominion Freight Line by 3,700.0% during the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock worth $27,000 after purchasing an additional 148 shares during the last quarter. Finally, Raleigh Capital Management Inc. purchased a new stake in Old Dominion Freight Line in the 4th quarter valued at approximately $29,000. 77.82% of the shares are currently owned by institutional investors and hedge funds.

About Old Dominion Freight Line

(Get a free report)

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, interregional and national less-than-truckload services as well as express transportation. It also offers various value-added services, including container shipping, truckload brokerage and supply chain consulting.