Mitsubishi UFJ Trust & Banking Corp Sells 64,776 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Mitsubishi UFJ Trust & Banking Corp cut its stake in Old Dominion by 38.9%, selling 64,776 shares and now holds 101,845 shares worth about $15.97 million.
• Old Dominion's Q1 results beat estimates (EPS $1.14 vs. $1.05; revenue $1.335B vs. $1.31B) but revenue was down ~2.9% YoY and shipments/tons per day declined, prompting mixed analyst reactions.
• Insider selling was significant: Chairman David S. Congdon sold 52,000 shares for ~$10.13 million, and insiders sold 80,134 shares (~$15.64M) in the last 90 days while owning 10% of the stock.

Mitsubishi UFJ Trust & Banking Corp reduced its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 38.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 101,845 shares of the transportation company's stock after selling 64,776 shares during the period. Mitsubishi UFJ Trust & Banking Corp's holdings in Old Dominion Freight Line were worth $15,969,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ODFL. Verdence Capital Advisors LLC boosted its stake in Old Dominion Freight Line by 1.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock worth $812,000 after purchasing an additional 60 shares during the period. Diversified Trust Co. raised its stake in shares of Old Dominion Freight Line by 1.7% in the 4th quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company's stock valued at $609,000 after purchasing an additional 65 shares during the period. Modera Wealth Management LLC lifted its holdings in shares of Old Dominion Freight Line by 2.7% in the fourth quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company's stock valued at $434,000 after purchasing an additional 72 shares in the last quarter. Cim LLC boosted its position in shares of Old Dominion Freight Line by 1.0% during the third quarter. Cim LLC now owns 7,685 shares of the transportation company's stock worth $1,082,000 after buying an additional 75 shares during the period. Finally, Brighton Jones LLC boosted its position in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after buying an additional 79 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Insider Activity

In related news, Chairman David S. Congdon sold 52,000 shares of the firm's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the sale, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction, the director owned 11,278 shares of the company's stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 80,134 shares of company stock valued at $15,640,132. 10.00% of the stock is owned by company insiders.

Key Stories Impacting Old Dominion Freight Line

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Q1 results beat expectations: ODFL reported $1.14 EPS (vs. $1.05 est.) and $1.335B revenue (vs. $1.30B est.), supporting the stock despite revenue being down year-over-year. ODFL Q1 Earnings Beat
• Positive Sentiment: Analysts raising targets/offering bullish ratings: Morgan Stanley raised its target to $215 and kept an overweight rating, signaling modest upside support from a major shop. Morgan Stanley lifts target
• Positive Sentiment: Baird upgraded ODFL to neutral and raised its target to $229, showing some firms see more upside after the quarter. Baird upgrade reported
• Positive Sentiment: Broader analyst follow-through: several shops increased forecasts/targets after the strong Q1 print, which supports current buying interest. Analysts raise forecasts
• Neutral Sentiment: Operational commentary mixed: management reaffirmed full-year capex (~$265M) and noted early‑April revenue/day improving while tonnage/day remains down — a mixed signal for near-term margins. Operational and guidance notes
• Neutral Sentiment: Wells Fargo raised its price target to $205 but kept an equal-weight rating, signaling limited conviction for material upside from current levels. Wells Fargo note
• Negative Sentiment: JPMorgan raised its target to $197 but kept a neutral rating — the target implies downside from current prices and adds caution to the tape. JPMorgan target change
• Negative Sentiment: Investors focused on weakening volume and operating leverage: shipments/tons per day declined materially in Q1, and the operating ratio worsened (higher overhead as revenue fell), which pressured the stock after the print. Volume and OR concerns
• Negative Sentiment: Market reaction: some headlines and intraday stories highlighted share weakness immediately after the release as investors weighed the mix of beats vs. declining revenue/volume. Market reaction coverage

Old Dominion Freight Line Stock Up 1.5%

Shares of Old Dominion Freight Line stock opened at $212.43 on Friday. The stock has a market cap of $44.25 billion, a P/E ratio of 44.44, a P/E/G ratio of 4.37 and a beta of 1.20. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $233.79. The business's 50 day moving average is $201.00 and its 200-day moving average is $172.87.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the company earned $1.19 earnings per share. The firm's revenue for the quarter was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.15 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, March 4th. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.28. Old Dominion Freight Line's payout ratio is currently 24.27%.

Analyst Ratings Changes

ODFL has been the topic of a number of recent research reports. Barclays set a $210.00 target price on Old Dominion Freight Line and gave the company an "equal weight" rating in a research report on Thursday. Wolfe Research raised their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an "underperform" rating in a research note on Tuesday, April 7th. Jefferies Financial Group boosted their price objective on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Raymond James Financial restated an "outperform" rating and set a $224.00 target price on shares of Old Dominion Freight Line in a report on Thursday. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Old Dominion Freight Line in a research note on Thursday, February 19th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $203.21.

About Old Dominion Freight Line

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.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.