Old Dominion Freight Line (NASDAQ:ODFL) PT Set at $146.00 by Morgan Stanley

Old Dominion Freight Line (NASDAQ:ODFL) received a $146.00 price objective from investment analysts at Morgan Stanley in a report released on Friday, TipRanks reports. The brokerage presently has a “hold” rating on the transportation company’s stock. Morgan Stanley’s price target indicates a potential downside of 12.08% from the company’s current price.

A number of other equities research analysts have also recently commented on ODFL. Robert W. Baird set a $162.00 price target on shares of Old Dominion Freight Line and gave the stock a “hold” rating in a report on Friday, July 26th. Credit Suisse Group raised their price target on shares of Old Dominion Freight Line from $152.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Bank of America restated a “neutral” rating and issued a $150.00 price target (up from $144.00) on shares of Old Dominion Freight Line in a report on Thursday, June 20th. Mizuho restated a “hold” rating and issued a $151.00 price target on shares of Old Dominion Freight Line in a report on Tuesday, July 2nd. Finally, Citigroup raised their price target on shares of Old Dominion Freight Line from $145.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $152.08.

NASDAQ ODFL traded up $0.99 during mid-day trading on Friday, reaching $166.06. 528,074 shares of the stock were exchanged, compared to its average volume of 519,203. Old Dominion Freight Line has a one year low of $115.00 and a one year high of $170.22. The company has a 50 day moving average of $154.73. The stock has a market cap of $13.29 billion, a PE ratio of 22.50, a P/E/G ratio of 2.43 and a beta of 1.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.19 and a current ratio of 1.92.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Thursday, July 25th. The transportation company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.05. Old Dominion Freight Line had a net margin of 15.48% and a return on equity of 23.57%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm earned $1.99 earnings per share. Old Dominion Freight Line’s quarterly revenue was up 2.6% on a year-over-year basis. Sell-side analysts expect that Old Dominion Freight Line will post 7.92 EPS for the current fiscal year.

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

In related news, SVP Gregory B. Plemmons sold 1,249 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $163.39, for a total transaction of $204,074.11. Following the transaction, the senior vice president now directly owns 5,714 shares in the company, valued at $933,610.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Earl E. Congdon sold 56,400 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $166.53, for a total transaction of $9,392,292.00. Following the transaction, the chairman now owns 10,854 shares in the company, valued at $1,807,516.62. The disclosure for this sale can be found here. 11.90% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. CWM LLC boosted its holdings in Old Dominion Freight Line by 42.5% during the first quarter. CWM LLC now owns 258 shares of the transportation company’s stock worth $37,000 after purchasing an additional 77 shares during the last quarter. Cordasco Financial Network boosted its holdings in Old Dominion Freight Line by 77.2% during the second quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in Old Dominion Freight Line by 0.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 12,000 shares of the transportation company’s stock worth $1,791,000 after purchasing an additional 80 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its holdings in Old Dominion Freight Line by 2.3% during the first quarter. Jaffetilchin Investment Partners LLC now owns 3,700 shares of the transportation company’s stock worth $534,000 after purchasing an additional 82 shares during the last quarter. Finally, GHP Investment Advisors Inc. boosted its holdings in Old Dominion Freight Line by 0.5% during the second quarter. GHP Investment Advisors Inc. now owns 18,281 shares of the transportation company’s stock worth $2,729,000 after purchasing an additional 90 shares during the last quarter. Institutional investors and hedge funds own 70.83% of the company’s stock.

Old Dominion Freight Line Company Profile

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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