M&T Bank Corp Cuts Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

M&T Bank Corp lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,526 shares of the transportation company’s stock after selling 803 shares during the period. M&T Bank Corp’s holdings in Old Dominion Freight Line were worth $4,326,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Avanza Fonder AB purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $3,741,000. AustralianSuper Pty Ltd purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $128,221,000. Toronto Dominion Bank boosted its position in Old Dominion Freight Line by 77.7% during the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock worth $19,479,000 after acquiring an additional 42,880 shares during the last quarter. Board of the Pension Protection Fund acquired a new position in Old Dominion Freight Line during the fourth quarter worth about $600,000. Finally, Reliant Investment Management LLC boosted its position in Old Dominion Freight Line by 10.4% during the fourth quarter. Reliant Investment Management LLC now owns 21,850 shares of the transportation company’s stock worth $3,854,000 after acquiring an additional 2,060 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on ODFL. Evercore ISI boosted their price target on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft began coverage on shares of Old Dominion Freight Line in a research report on Friday. They set a “buy” rating and a $236.00 price target on the stock. Barclays decreased their target price on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Citigroup decreased their target price on shares of Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Bank of America decreased their target price on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $202.53.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $179.55 on Friday. The firm’s 50 day moving average price is $187.10 and its 200-day moving average price is $196.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line, Inc. has a one year low of $165.49 and a one year high of $233.26. The firm has a market cap of $38.16 billion, a P/E ratio of 32.76, a P/E/G ratio of 2.89 and a beta of 1.10.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a dividend of $0.28 per share. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 0.62%. The ex-dividend date is Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio is presently 18.98%.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.