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

Bank of Nova Scotia lifted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 38.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 158,254 shares of the transportation company’s stock after acquiring an additional 44,005 shares during the quarter. Bank of Nova Scotia owned about 0.08% of Old Dominion Freight Line worth $22,279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of ODFL. Brighton Jones LLC boosted its position in shares of Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after buying an additional 79 shares during the period. Empowered Funds LLC boosted its holdings in 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 Old Dominion Freight Line in the second quarter valued at approximately $305,000. Candriam S.C.A. grew its position in 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 purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $313,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 0.9%

Shares of NASDAQ ODFL opened at $182.44 on Tuesday. The firm’s 50-day moving average price is $187.31 and its two-hundred day moving average price is $159.49. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $221.63. The stock has a market capitalization of $38.03 billion, a P/E ratio of 37.77, a P/E/G ratio of 3.80 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business’s revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 earnings per share. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently declared 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 is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is currently 24.02%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ODFL. BMO Capital Markets reaffirmed an “outperform” rating on shares of Old Dominion Freight Line in a research note on Thursday, February 19th. 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. Stifel Nicolaus set a $217.00 target price on Old Dominion Freight Line in a research report on Thursday, February 5th. Morgan Stanley reiterated an “overweight” rating and issued a $209.00 price target (up from $190.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Finally, Deutsche Bank Aktiengesellschaft downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target for the company. in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $191.08.

Insider Buying and Selling

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were 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. This trade represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction that occurred on 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 represents a 6.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 in the last quarter. Company insiders own 10.00% of the company’s stock.

About Old Dominion Freight Line

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.