M&T Bank Corp Raises Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

M&T Bank Corp increased its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 76.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,204 shares of the transportation company’s stock after purchasing an additional 6,582 shares during the quarter. M&T Bank Corp’s holdings in Old Dominion Freight Line were worth $2,384,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Middleton & Co. Inc. MA lifted its stake in shares of Old Dominion Freight Line by 3.9% during the 4th quarter. Middleton & Co. Inc. MA now owns 26,688 shares of the transportation company’s stock worth $4,185,000 after purchasing an additional 999 shares during the last quarter. Verdence Capital Advisors LLC raised its stake in Old Dominion Freight Line by 1.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after buying an additional 60 shares during the last quarter. High Point Wealth Management LLC purchased a new stake in Old Dominion Freight Line in the fourth quarter valued at about $81,000. Marathon Capital Management raised its stake in Old Dominion Freight Line by 23.4% in the fourth quarter. Marathon Capital Management now owns 1,817 shares of the transportation company’s stock valued at $285,000 after buying an additional 344 shares during the last quarter. Finally, Cherokee Insurance Co raised its stake in Old Dominion Freight Line by 26.7% in the fourth quarter. Cherokee Insurance Co now owns 5,700 shares of the transportation company’s stock valued at $894,000 after buying an additional 1,200 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on ODFL. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. The Goldman Sachs Group set a $216.00 price target on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Thursday, April 30th. Barclays set a $210.00 price target on Old Dominion Freight Line and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target for the company in a research note on Thursday, February 12th. Finally, Evercore set a $219.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $206.46.

Insider Transactions at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This trade represents a 21.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 102,241 shares of company stock worth $19,874,065. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Down 1.3%

Old Dominion Freight Line stock opened at $198.06 on Friday. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $233.79. The company has a market capitalization of $41.25 billion, a price-to-earnings ratio of 41.44, a price-to-earnings-growth ratio of 4.11 and a beta of 1.17. The stock has a 50-day moving average price of $201.05 and a 200 day moving average price of $174.68.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company posted $1.19 earnings per share. The company’s revenue was down 2.9% compared to the same quarter last year. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.