Price Don’t Lie: Old Dominion Freight Line Sets All Time High; Strong Momentum for Holders

Price Don't Lie: Old Dominion Freight Line Sets All Time High; Strong Momentum for Holders

The stock of Old Dominion Freight Line (NASDAQ:ODFL) reached all time high today, Nov, 24 and still has $91.76 target or 4.00% above today’s $88.23 share price. This indicates more upside for the $7.27 billion company. This technical setup was reported by Barchart.com. If the $91.76 PT is reached, the company will be worth $290.80 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. The stock increased 1.82% or $1.58 on November 23, hitting $88.23. About 399,659 shares traded hands. Old Dominion Freight Line (NASDAQ:ODFL) has risen 27.89% since April 22, 2016 and is uptrending. It has outperformed by 22.48% the S&P500.

Analysts await Old Dominion Freight Line (NASDAQ:ODFL) to report earnings on February, 2. They expect $0.88 earnings per share, up 3.53% or $0.03 from last year’s $0.85 per share. ODFL’s profit will be $72.51M for 25.07 P/E if the $0.88 EPS becomes a reality. After $1.03 actual earnings per share reported by Old Dominion Freight Line for the previous quarter, Wall Street now forecasts -14.56% negative EPS growth.

Old Dominion Freight Line (NASDAQ:ODFL) Ratings Coverage

Out of 8 analysts covering Old Dominion Freight Line (NASDAQ:ODFL), 2 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 25% are positive. Old Dominion Freight Line has been the topic of 17 analyst reports since August 3, 2015 according to StockzIntelligence Inc. Cowen & Co maintained the stock with “Market Perform” rating in Friday, July 31 report. The stock of Old Dominion Freight Line (NASDAQ:ODFL) has “Market Perform” rating given on Friday, April 29 by Cowen & Co. The rating was maintained by RBC Capital Markets with “Outperform” on Wednesday, September 23. As per Friday, October 28, the company rating was downgraded by Bank of America. The firm has “Sector Perform” rating given on Friday, July 31 by RBC Capital Markets. The stock of Old Dominion Freight Line (NASDAQ:ODFL) earned “Neutral” rating by Bank of America on Wednesday, December 2. The firm earned “Hold” rating on Friday, July 31 by Deutsche Bank. The rating was downgraded by Citigroup to “Neutral” on Wednesday, October 7. Deutsche Bank initiated Old Dominion Freight Line (NASDAQ:ODFL) on Wednesday, November 2 with “Buy” rating. The firm has “Sector Perform” rating given on Thursday, January 7 by RBC Capital Markets.

According to Zacks Investment Research, “Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier transporting primarily less-than-truckload shipments of general commodities, including consumer goods, textiles and capital goods to a diversified customer base.”

Insitutional Activity: The institutional sentiment increased to 0.83 in 2016 Q2. Its up 0.04, from 0.79 in 2016Q1. The ratio is positive, as 37 funds sold all Old Dominion Freight Line shares owned while 105 reduced positions. 35 funds bought stakes while 77 increased positions. They now own 58.93 million shares or 6.44% less from 62.99 million shares in 2016Q1.
Voya Mngmt Ltd Company owns 38,195 shares or 0.01% of their US portfolio. Numeric Investors Ltd Liability Corporation accumulated 0% or 9,100 shares. Renaissance Tech Limited Liability Company last reported 143,327 shares in the company. D E Shaw & Com holds 0.04% of its portfolio in Old Dominion Freight Line (NASDAQ:ODFL) for 334,844 shares. State Board Of Administration Of Florida Retirement last reported 68,915 shares in the company. Moreover, Macquarie Gru Limited has 0% invested in Old Dominion Freight Line (NASDAQ:ODFL) for 183 shares. Eagle Asset Management Incorporated holds 0.09% or 205,572 shares in its portfolio. Dimensional Fund Advsrs Limited Partnership accumulated 723,049 shares or 0.03% of the stock. Teachers Advsrs Incorporated has 58,939 shares for 0.01% of their US portfolio. Century Mgmt Ltd Limited Liability Company has 0.04% invested in the company for 6,590 shares. Putnam Ltd Liability has 16,598 shares for 0% of their US portfolio. M&T Bancshares, a New York-based fund reported 4,117 shares. The Massachusetts-based State Street has invested 0.01% in Old Dominion Freight Line (NASDAQ:ODFL). Fisher Asset Mgmt Limited Liability Corporation owns 7,053 shares or 0% of their US portfolio. California Pub Employees Retirement System last reported 206,676 shares in the company.

Insider Transactions: Since June 16, 2016, the stock had 0 buys, and 14 sales for $17.08 million net activity. $4.86M worth of Old Dominion Freight Line (NASDAQ:ODFL) was sold by CONGDON JEFFREY W. Another trade for 6,000 shares valued at $417,840 was sold by CONGDON JOHN R JR. 815 shares were sold by CONGDON DAVID S, worth $60,856 on Tuesday, November 1. The insider SUGGS LEO H sold $309,130.

More notable recent Old Dominion Freight Line (NASDAQ:ODFL) news were published by: Prnewswire.com which released: “Old Dominion Freight Line’s Third Quarter 2016 Conference Call On The Internet” on October 06, 2016, also Tucson.com with their article: “Old Dominion expanding near new HomeGoods and FedEx facilities” published on May 17, 2016, Nasdaq.com published: “Old Dominion Freight Line Q3 Profit Rises 1%” on October 27, 2016. More interesting news about Old Dominion Freight Line (NASDAQ:ODFL) were released by: Reuters.com and their article: “BRIEF-Old Dominion Freight Line Q3 earnings per share $1.03” published on October 27, 2016 as well as Seekingalpha.com‘s news article titled: “Old Dominion Freight Line’s (ODFL) CEO David Congdon on Q2 2016 Results …” with publication date: July 31, 2016.

ODFL Company Profile

Old Dominion Freight Line, Inc., incorporated on March 22, 1999, is a less-than-truckload (LTL), union-free motor carrier company. The Firm provides regional, inter-regional and national LTL services, which include ground and air expedited transportation, and consumer household pickup and delivery. The Firm offers a range of other services that include container drayage, truckload brokerage, supply chain consulting and warehousing.

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