Old Dominion Freight Line (ODFL) Given New $156.00 Price Target at Cowen
Old Dominion Freight Line (NASDAQ:ODFL) had its price objective upped by investment analysts at Cowen from $145.00 to $156.00 in a report issued on Friday, July 27th, Marketbeat Ratings reports. The firm presently has a “market perform” rating on the transportation company’s stock. Cowen’s price target would indicate a potential upside of 6.43% from the company’s current price.
Other analysts have also issued research reports about the company. BidaskClub lowered Old Dominion Freight Line from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Zacks Investment Research raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $166.00 price target for the company in a report on Thursday, May 24th. Argus started coverage on Old Dominion Freight Line in a report on Wednesday, May 23rd. They set a “buy” rating and a $175.00 price target for the company. ValuEngine raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Tuesday, April 3rd. Finally, Robert W. Baird reissued a “hold” rating and set a $145.00 price target on shares of Old Dominion Freight Line in a report on Tuesday, April 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $146.62.
Shares of ODFL traded down $0.52 during trading hours on Friday, hitting $146.58. The stock had a trading volume of 208,727 shares, compared to its average volume of 685,865. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.77 and a quick ratio of 1.78. Old Dominion Freight Line has a 12 month low of $93.29 and a 12 month high of $164.10. The firm has a market capitalization of $12.06 billion, a P/E ratio of 33.62, a PEG ratio of 0.91 and a beta of 1.18.
Old Dominion Freight Line announced that its board has approved a share repurchase program on Thursday, May 17th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the transportation company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In related news, Director Leo H. Suggs sold 800 shares of the business’s stock in a transaction dated Wednesday, May 23rd. The stock was sold at an average price of $148.44, for a total value of $118,752.00. Following the sale, the director now directly owns 5,679 shares in the company, valued at $842,990.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.00% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Advisor Group Inc. raised its position in Old Dominion Freight Line by 162.2% during the fourth quarter. Advisor Group Inc. now owns 4,263 shares of the transportation company’s stock valued at $560,000 after purchasing an additional 2,637 shares during the period. Teachers Advisors LLC raised its position in Old Dominion Freight Line by 2.4% during the fourth quarter. Teachers Advisors LLC now owns 68,753 shares of the transportation company’s stock valued at $9,044,000 after purchasing an additional 1,589 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its position in Old Dominion Freight Line by 68.0% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,898 shares of the transportation company’s stock valued at $249,000 after purchasing an additional 768 shares during the period. Macquarie Group Ltd. purchased a new stake in Old Dominion Freight Line during the fourth quarter valued at approximately $1,075,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Old Dominion Freight Line during the fourth quarter valued at approximately $3,365,000. Institutional investors own 71.73% of the company’s stock.
About Old Dominion Freight Line
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 ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.
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