Fintel reports that on July 17, 2023, Barclays initiated coverage of Old Dominion Freight Line (NASDAQ:ODFL) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 10.24% Downside
As of July 6, 2023, the average one-year price target for Old Dominion Freight Line is 339.07. The forecasts range from a low of 272.70 to a high of $410.55. The average price target represents a decrease of 10.24% from its latest reported closing price of 377.77.
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The projected annual revenue for Old Dominion Freight Line is 6,343MM, an increase of 2.23%. The projected annual non-GAAP EPS is 11.82.
What is the Fund Sentiment?
There are 1655 funds or institutions reporting positions in Old Dominion Freight Line. This is an increase of 36 owner(s) or 2.22% in the last quarter. Average portfolio weight of all funds dedicated to ODFL is 0.36%, an increase of 17.91%. Total shares owned by institutions decreased in the last three months by 2.25% to 97,152K shares. 
The put/call ratio of ODFL is 2.38, indicating a bearish outlook.
What are Other Shareholders Doing?
Price T Rowe Associates holds 7,483K shares representing 6.82% ownership of the company. In it's prior filing, the firm reported owning 8,415K shares, representing a decrease of 12.46%. The firm decreased its portfolio allocation in ODFL by 0.62% over the last quarter.
Capital Research Global Investors holds 6,791K shares representing 6.19% ownership of the company. In it's prior filing, the firm reported owning 7,452K shares, representing a decrease of 9.73%. The firm increased its portfolio allocation in ODFL by 3.35% over the last quarter.
AGTHX - GROWTH FUND OF AMERICA holds 5,423K shares representing 4.95% ownership of the company. In it's prior filing, the firm reported owning 5,410K shares, representing an increase of 0.24%. The firm increased its portfolio allocation in ODFL by 13.84% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,063K shares representing 2.79% ownership of the company. In it's prior filing, the firm reported owning 3,021K shares, representing an increase of 1.37%. The firm increased its portfolio allocation in ODFL by 12.44% over the last quarter.
AMCPX - AMCAP FUND holds 2,647K shares representing 2.41% ownership of the company. No change in the last quarter.
Old Dominion Freight Line Background Information
(This description is provided by the company.)
Old Dominion Freight Line, Inc. is a leading, less-than-truckload ('LTL'), union-free motor carrier providing regional, inter-regional and national LTL services through a single integrated organization. Its service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, the Company also provides LTL services throughout North America. In addition to its core LTL services, the Company offers a range of value-added services including container drayage, truckload brokerage and supply chain consulting.
Additional reading:
- OLD DOMINION FREIGHT LINE PROVIDES UPDATE FOR SECOND QUARTER 2023
- OLD DOMINION FREIGHT LINE ANNOUNCES $0.40 PER SHARE QUARTERLY CASH DIVIDEND
- OLD DOMINION FREIGHT LINE REPORTS FIRST QUARTER 2023 EARNINGS PER DILUTED SHARE OF $2.58
- First Amendment to Note Purchase and Private Shelf Agreement, dated March 22, 2023, by and among Old Dominion Freight Line, Inc., PGIM, Inc. and the other holders of the Notes (as defined therein)
- Third Amended and Restated Credit Agreement, dated March 22, 2023, among Old Dominion Freight Line, Inc., Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders named therein
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
