Bank of Nova Scotia Reduces Holdings in Old Dominion Freight Line, Inc. $ODFL

Bank of Nova Scotia reduced its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 70.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,911 shares of the transportation company’s stock after selling 300,195 shares during the period. Bank of Nova Scotia’s holdings in Old Dominion Freight Line were worth $24,409,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC increased its position in Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares in the last quarter. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line in the fourth quarter worth $28,000. Evolution Wealth Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the first quarter valued at $29,000. DT Investment Partners LLC lifted its position in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after acquiring an additional 180 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in shares of Old Dominion Freight Line during the first quarter valued at $39,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Trading Up 1.0%

Old Dominion Freight Line stock opened at $232.99 on Friday. The stock has a fifty day moving average price of $225.49 and a 200 day moving average price of $204.77. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The firm has a market capitalization of $48.45 billion, a P/E ratio of 48.74, a PEG ratio of 4.21 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the company earned $1.19 EPS. As a group, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of recent research reports. Stephens reiterated an “overweight” rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Robert W. Baird set a $229.00 target price on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a report on Tuesday, April 28th. Jefferies Financial Group raised their price target on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a “hold” rating in a research note on Tuesday, June 9th. UBS Group lifted their price target on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Susquehanna boosted their price objective on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Ten research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $223.04.

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.