Old Dominion Freight Line, Inc. (NASDAQ: ODFL) is one of the most consistently profitable operators in the U.S. less-than-truckload freight industry. Shares recently traded around $158 per share, giving the company a market capitalization of roughly $32.8B.
While freight demand has softened over the past year, Old Dominion Freight Line continues to generate strong margins and returns on capital relative to peers. Looking at who owns the stock and how insiders have been trading helps show how large investors are approaching the business today.
Who Are Old Dominion Freight Line’s Top Shareholders?
Old Dominion Freight Line’s shareholder base is led by large institutional investors that tend to hold through market cycles, which can help support long term ownership stability. At the same time, several active managers have adjusted positions in both directions, pointing to selective positioning rather than broad conviction shifts.
- The Vanguard Group, Inc.: 23,165,643 shares (11.08%), ~$3.64B value. Added 493,287 shares (+2.18%).
- T. Rowe Price Associates, Inc.: 12,174,740 shares (5.82%), ~$1.91B value. Cut 913,202 shares (6.98%).
- Congdon (David S.): 11,331,797 shares (5.42%), ~$1.78B value. Cut 245,715 shares (2.12%).
- BlackRock Institutional Trust Company, N.A.: 10,037,552 shares (4.80%), ~$1.58B value. Cut 2,191 shares (0.02%).
- Congdon (John R Jr.): 9,508,828 shares (4.55%), ~$1.49B value. Added 1,029 shares (0.01%).
- State Street Investment Management (US): 7,675,550 shares (3.67%), ~$1.20B value. Cut 30,385 shares (0.39%).
- Geode Capital Management, LLC: 4,991,650 shares (2.39%), ~$783M value. Cut 29,312 shares (0.58%).
- Invesco Capital Management (QQQ Trust): 4,405,615 shares (2.11%), ~$691M value. Cut 12,065 shares (0.27%).
- CIBC Private Wealth Management: 4,366,843 shares (2.09%), ~$685M value. Added 776,004 shares (+21.61%).
- T. Rowe Price Investment Management, Inc.: 3,315,295 shares (1.59%), ~$520M value. Added 369,953 shares (+12.56%).
For investors, this ownership mix suggests Old Dominion Freight Line remains supported by long term institutions, while incremental trims and additions from active managers appear tied more to valuation sensitivity than to concerns about the company’s operating strength.
Hedge Fund Highlights
One notable move last quarter came from Two Sigma Advisors, co-founded by John Overdeck, which increased its Old Dominion Freight Line position by over 1,000%, now holding roughly $177M value. The increase may suggest a more constructive view on earnings durability as freight conditions evolve.
Another significant adjustment came from Squarepoint Ops, which lifted its stake by approximately 833% to around $43M value. The move appears sizable relative to prior exposure and may reflect selective accumulation rather than aggressive positioning.
Citadel Advisors, founded by Ken Griffin, also boosted its exposure by roughly 759%, building a stake worth about $114M value. While still modest within Citadel’s broader portfolio, the increase suggests opportunistic positioning at current price levels.
Meanwhile, Jane Street Group raised its holdings by more than 240%, reaching a position valued at approximately $51M. The increase appears consistent with gradual position scaling, and for investors this activity points to growing but measured interest from active managers.
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Old Dominion Freight Line’s Recent Insider Trades
Insider trades can offer context on how executives and directors may be managing personal exposure, though transaction sizes remain small relative to shares outstanding.
- Greg C. Gantt (Director): Sold and acquired small blocks of 338 to 708 shares across October and November at prices near $135 to $140.
- Earl E. Congdon (Officer): Sold 10,167 shares at approximately $130.66 on 11/17/25.
These transactions represent a very small portion of Old Dominion Freight Line’s roughly 209M shares outstanding, and it appears insider activity is modest and mixed, which for investors does not materially change the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Old Dominion Freight Line’s shareholder base remains anchored by large, long term institutional investors, helping support stability in ownership. Hedge fund positioning shows selective accumulation rather than broad risk taking, while insider trades appear limited in size and scope.
Taken together, it appears investors continue to view Old Dominion Freight Line as a high quality operator with durable margins and strong returns on capital, even as near term freight demand remains uneven and positioning across institutions reflects a measured approach at current valuation levels.
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