Price Action To Observe: What’s Ahead for Old Dominion Freight Line After Touching 52-Week High?

Price Action To Observe: What's Ahead for Old Dominion Freight Line After Touching 52 Week High?

The stock of Old Dominion Freight Line (NASDAQ:ODFL) hit a new 52-week high and has $93.18 target or 6.00% above today’s $87.91 share price. The 6 months bullish chart indicates low risk for the $7.25 billion company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $93.18 price target is reached, the company will be worth $435.00 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 201,221 shares traded hands. Old Dominion Freight Line (NASDAQ:ODFL) has risen 27.11% since April 21, 2016 and is uptrending. It has outperformed by 21.78% 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 $72.57 million for 24.97 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. The firm has “Hold” rating given on Thursday, April 28 by Stifel Nicolaus. On Friday, October 2 the stock rating was initiated by Bank of America with “Buy”. The rating was downgraded by Citigroup on Wednesday, October 7 to “Neutral”. RBC Capital Markets maintained the shares of ODFL in a report on Friday, July 31 with “Sector Perform” rating. Cowen & Co maintained the stock with “Market Perform” rating in Friday, July 31 report. On Friday, July 31 the stock rating was maintained by Deutsche Bank with “Hold”. The stock has “Buy” rating given by Deutsche Bank on Wednesday, November 2. The rating was downgraded by Bank of America to “Underperform” on Friday, October 28. The firm has “Neutral” rating given on Wednesday, December 2 by Bank of America. As per Wednesday, September 23, the company rating was maintained 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 Q2 2016. Its up 0.04, from 0.79 in 2016Q1. The ratio increased, 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.
Dimensional Fund Advisors Limited Partnership has 723,049 shares for 0.03% of their US portfolio. Ubs Asset Management Americas Inc last reported 52,348 shares in the company. Whittier Tru Com accumulated 0.08% or 29,393 shares. Invesco holds 0.03% of its portfolio in Old Dominion Freight Line (NASDAQ:ODFL) for 1.38M shares. Amalgamated Bancorp last reported 10,816 shares in the company. Fincl Bank Of America De holds 0% or 229,121 shares in its portfolio. Diam Ltd owns 29,733 shares or 0.03% of their US portfolio. Spf Beheer Bv has 2.96% invested in the company for 949,435 shares. Teacher Retirement Systems Of Texas has 0% invested in the company for 8,877 shares. Tci Wealth Advsrs Inc has invested 0.01% of its portfolio in Old Dominion Freight Line (NASDAQ:ODFL). Piedmont Investment Advisors Llc accumulated 25 shares or 0% of the stock. The Iowa-based Principal Financial Gru has invested 0.02% in Old Dominion Freight Line (NASDAQ:ODFL). Zurcher Kantonalbank (Zurich Cantonalbank) accumulated 0% or 1,829 shares. Castleark Ltd Limited Liability Company accumulated 136,790 shares or 0.26% of the stock. Gillespie Robinson And Grimm holds 3.2% of its portfolio in Old Dominion Freight Line (NASDAQ:ODFL) for 330,610 shares.

Insider Transactions: Since June 16, 2016, the stock had 0 buys, and 14 insider sales for $17.08 million net activity. The insider CONGDON DAVID S sold 815 shares worth $60,856. Shares for $1.29 million were sold by CONGDON JEFFREY W. 7,100 shares were sold by CONGDON JOHN R JR, worth $497,284 on Thursday, August 11. SUGGS LEO H had sold 3,800 shares worth $309,130 on Friday, November 11.

More important 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 published article titled: “Old Dominion expanding near new HomeGoods and FedEx facilities”, 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) was released by: Reuters.com and their article: “BRIEF-Old Dominion Freight Line Q3 earnings per share $1.03” with publication date: October 27, 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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