Old Dominion Freight Line (NASDAQ:ODFL) Given New $215.00 Price Target at Morgan Stanley

Old Dominion Freight Line (NASDAQ:ODFL) had its price objective raised by equities research analysts at Morgan Stanley from $209.00 to $215.00 in a research report issued on Monday,MarketScreener reports. The firm currently has an “overweight” rating on the transportation company’s stock. Morgan Stanley’s target price points to a potential upside of 8.59% from the company’s previous close.

ODFL has been the subject of several other research reports. Stephens reissued an “overweight” rating and set a $232.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. UBS Group reiterated a “neutral” rating and set a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Wall Street Zen raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Sunday, January 25th. Barclays set a $185.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, March 4th. Nine analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $191.38.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $198.00 on Monday. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $221.63. The business’s 50-day moving average is $191.79 and its 200 day moving average is $163.57. The stock has a market cap of $41.27 billion, a price-to-earnings ratio of 40.99, a PEG ratio of 4.18 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 earnings per share. As a group, equities analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Insider Activity at Old Dominion Freight Line

In related news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the transaction, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 80,134 shares of company stock valued at $15,640,132 over the last quarter. 10.00% of the stock is owned by insiders.

Institutional Trading of Old Dominion Freight Line

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. E Fund Management Hong Kong Co. Ltd. lifted its position in Old Dominion Freight Line by 175.7% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after acquiring an additional 123 shares during the period. Westside Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares during the period. Reflection Asset Management purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth approximately $28,000. DT Investment Partners LLC raised its stake in shares of Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line during the third quarter worth $37,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.