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

Key Points

• M&T Bank Corp raised its stake in Old Dominion Freight Line by 122.4% in Q4, buying an additional 10,555 shares to hold 19,177 shares valued at about $3.01 million.
• Old Dominion posted Q results of $1.09 EPS vs. $1.06 expected and $1.31B revenue vs. $1.30B expected, although revenue was down 5.7% year‑over‑year.
• The company increased its quarterly dividend to $0.29 (annualized $1.16, ~0.5% yield), while insiders sold 80,134 shares worth roughly $15.6 million last quarter despite insiders owning about 10% of the stock.

M&T Bank Corp raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 122.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,177 shares of the transportation company's stock after purchasing an additional 10,555 shares during the period. M&T Bank Corp's holdings in Old Dominion Freight Line were worth $3,007,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. lifted its holdings in Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock valued at $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in Old Dominion Freight Line during the third quarter valued at $37,000. Caitong International Asset Management Co. Ltd purchased a new position in Old Dominion Freight Line during the third quarter valued at $55,000. Finally, Zions Bancorporation National Association UT lifted its holdings in Old Dominion Freight Line by 273.5% during the third quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company's stock valued at $62,000 after purchasing an additional 320 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $220.53 on Tuesday. The firm's 50-day moving average is $199.77 and its two-hundred day moving average is $171.72. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $227.08. The company has a market capitalization of $45.93 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 4.61 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the firm earned $1.23 earnings per share. Old Dominion Freight Line's quarterly revenue was down 5.7% compared to the same quarter last year. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.13 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a dividend of $0.29 per share. 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 an increase from Old Dominion Freight Line's previous quarterly dividend of $0.28. Old Dominion Freight Line's dividend payout ratio is 24.02%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ODFL shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft downgraded shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 price objective on the stock. in a report on Thursday, February 5th. Rothschild & Co Redburn boosted their price target on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a "sell" rating in a research report on Friday, February 6th. Evercore boosted their price target on shares of Old Dominion Freight Line from $200.00 to $201.00 in a research report on Friday, March 27th. Finally, Morgan Stanley boosted their price target on shares of Old Dominion Freight Line from $209.00 to $215.00 and gave the stock an "overweight" rating in a research report on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $196.33.

Insider Buying and Selling

In related news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total transaction of $608,842.18. Following the transaction, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 80,134 shares of company stock valued at $15,640,132. 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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