Old Dominion Freight Line, Inc. $ODFL Stock Position Lifted by Bank of Nova Scotia

Bank of Nova Scotia lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 38.5% during the third quarter, Holdings Channel.com reports. The firm owned 158,254 shares of the transportation company’s stock after acquiring an additional 44,005 shares during the period. Bank of Nova Scotia’s holdings in Old Dominion Freight Line were worth $22,279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ODFL. Brighton Jones LLC increased its stake in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after buying an additional 79 shares during the period. Empowered Funds LLC lifted its stake in shares of Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after acquiring an additional 5,866 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $305,000. Candriam S.C.A. boosted its holdings in shares of Old Dominion Freight Line by 8.2% in the second quarter. Candriam S.C.A. now owns 16,340 shares of the transportation company’s stock valued at $2,652,000 after acquiring an additional 1,234 shares in the last quarter. Finally, Empower Advisory Group LLC acquired a new position in shares of Old Dominion Freight Line during the second quarter valued at approximately $313,000. Institutional investors own 77.82% of the company’s stock.

Analysts Set New Price Targets

ODFL has been the topic of several recent analyst reports. Truist Financial set a $225.00 target price on Old Dominion Freight Line in a report on Thursday, February 5th. Morgan Stanley reaffirmed an “overweight” rating and set a $209.00 price target (up from $190.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. 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 note on Thursday, February 5th. Bank of America set a $165.00 price objective on Old Dominion Freight Line in a report on Thursday, December 18th. Finally, Wells Fargo & Company raised their target price on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research note on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $191.08.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $182.44 on Tuesday. The stock has a market capitalization of $38.03 billion, a price-to-earnings ratio of 37.77, a PEG ratio of 3.80 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $221.63. The company has a 50 day moving average price of $187.31 and a 200 day moving average price of $159.49.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the company earned $1.23 earnings per share. The firm’s revenue was down 5.7% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is presently 24.02%.

Insider Activity

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the transaction, the chairman owned 712,800 shares of the company’s stock, 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 can be accessed through this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the sale, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,134 shares of company stock valued at $15,640,132 over the last three months. 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.