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 lowered by analysts at Wells Fargo & Company from $185.00 to $160.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the transportation company’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 2.94% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Evercore ISI boosted their target price on Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a research note on Thursday, February 6th. Truist Financial assumed coverage on shares of Old Dominion Freight Line in a research report on Thursday, March 13th. They set a “buy” rating and a $220.00 price objective for the company. Barclays lowered their target price on shares of Old Dominion Freight Line from $210.00 to $195.00 and set an “equal weight” rating for the company in a report on Monday, March 10th. Citigroup cut their price target on shares of Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Finally, StockNews.com upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Saturday, February 15th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $201.40.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $164.85 on Thursday. The firm has a market capitalization of $35.04 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 2.89 and a beta of 1.10. The firm’s fifty day simple moving average is $182.63 and its 200-day simple moving average is $193.54. Old Dominion Freight Line has a twelve month low of $157.67 and a twelve month high of $233.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. Equities analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.

Institutional Trading of Old Dominion Freight Line

Several hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in Old Dominion Freight Line during the fourth quarter worth about $494,916,000. T. Rowe Price Investment Management Inc. increased its position in Old Dominion Freight Line by 1,575.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company’s stock worth $255,390,000 after purchasing an additional 1,361,397 shares during the period. Wellington Management Group LLP raised its stake in shares of Old Dominion Freight Line by 109.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after buying an additional 750,073 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at approximately $128,221,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $114,449,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

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.