JPMorgan Chase & Co. Cuts Old Dominion Freight Line (NASDAQ:ODFL) Price Target to $142.00

Old Dominion Freight Line (NASDAQ:ODFL) had its target price decreased by JPMorgan Chase & Co. from $144.00 to $142.00 in a report released on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the transportation company’s stock.

ODFL has been the topic of several other research reports. Raymond James Financial reaffirmed an “outperform” rating and set a $155.00 target price (down previously from $160.00) on shares of Old Dominion Freight Line in a research note on Thursday, October 30th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. The Goldman Sachs Group dropped their price objective on shares of Old Dominion Freight Line from $186.00 to $181.00 in a research note on Thursday, October 30th. Jefferies Financial Group decreased their target price on shares of Old Dominion Freight Line from $160.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, October 9th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Old Dominion Freight Line in a research note on Wednesday, October 8th. Ten research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $157.48.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $157.32 on Monday. The company’s fifty day moving average is $139.08 and its two-hundred day moving average is $149.64. The company has a market cap of $32.90 billion, a P/E ratio of 31.65, a price-to-earnings-growth ratio of 3.88 and a beta of 1.27. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $209.61. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.Old Dominion Freight Line’s revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.43 earnings per share. Equities analysts expect that Old Dominion Freight Line will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd will be issued a $0.28 dividend. The ex-dividend date is Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio is currently 22.54%.

Hedge Funds Weigh In On Old Dominion Freight Line

Institutional investors have recently bought and sold shares of the stock. Swiss Life Asset Management Ltd boosted its stake in shares of Old Dominion Freight Line by 8.2% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 66,788 shares of the transportation company’s stock worth $9,402,000 after acquiring an additional 5,072 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after acquiring an additional 622,275 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after purchasing an additional 776,004 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Old Dominion Freight Line in the 3rd quarter worth approximately $4,702,000. Finally, Avity Investment Management Inc. boosted its position in Old Dominion Freight Line by 267.6% during the third quarter. Avity Investment Management Inc. now owns 70,959 shares of the transportation company’s stock worth $9,990,000 after purchasing an additional 51,655 shares during the period. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

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.