M&T Bank Corp Acquires 6,582 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• M&T Bank Corp increased its stake in Old Dominion Freight Line by 76.3% in Q4, acquiring 6,582 shares to hold 15,204 shares worth $2.384 million.
• Old Dominion beat expectations with Q1 EPS of $1.14 (vs. $1.05) and revenue of $1.33B (vs. $1.31B) despite a 2.9% year-over-year revenue decline, and the stock carries a consensus Hold rating with a $206.46 price target.
• Insiders have been net sellers recently—disposing of 102,241 shares worth about $19.87 million over the last 90 days—although company insiders still own roughly 10% of the stock.

M&T Bank Corp raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 76.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,204 shares of the transportation company's stock after acquiring 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 filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Middleton & Co. Inc. MA grew its position in Old Dominion Freight Line by 3.9% in the 4th quarter. Middleton & Co. Inc. MA now owns 26,688 shares of the transportation company's stock valued at $4,185,000 after acquiring an additional 999 shares during the last quarter. Verdence Capital Advisors LLC grew its position 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 valued at $812,000 after acquiring an additional 60 shares during the last quarter. High Point Wealth Management LLC bought a new position in Old Dominion Freight Line in the 4th quarter valued at $81,000. Marathon Capital Management grew its position in Old Dominion Freight Line by 23.4% in the 4th quarter. Marathon Capital Management now owns 1,817 shares of the transportation company's stock valued at $285,000 after acquiring an additional 344 shares during the last quarter. Finally, Cherokee Insurance Co grew its position in Old Dominion Freight Line by 26.7% in the 4th quarter. Cherokee Insurance Co now owns 5,700 shares of the transportation company's stock valued at $894,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Trading Down 1.3%

Shares of ODFL stock opened at $198.06 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79. The stock has a market capitalization of $41.25 billion, a price-to-earnings ratio of 41.44, a P/E/G ratio of 4.11 and a beta of 1.17. The stock has a fifty day simple moving average of $201.05 and a two-hundred day simple moving average of $174.68.

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 the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 EPS. Research analysts predict that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft downgraded Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 price objective on the stock. in a research report on Thursday, February 5th. JPMorgan Chase & Co. upped their target price on Old Dominion Freight Line from $183.00 to $197.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Evercore set a $219.00 target price on Old Dominion Freight Line in a report on Thursday, April 30th. Truist Financial set a $225.00 target price on Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Rothschild & Co Redburn upped their target price on Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a "sell" rating in a report on Friday, February 6th. Eight analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $206.46.

Insider Buying and Selling

In related news, insider Earl E. Congdon sold 25,000 shares of the company's stock in a transaction on 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 directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the company's stock in a transaction on 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 owned 11,278 shares of the company's stock, valued at $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 102,241 shares of company stock valued at $19,874,065. Company insiders own 10.00% of the company's stock.

Old Dominion Freight Line Company 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.

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