Bank of Nova Scotia Decreases Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bank of Nova Scotia lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFLGet Rating) by 34.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 7,688 shares of the transportation company’s stock after selling 3,962 shares during the period. Bank of Nova Scotia’s holdings in Old Dominion Freight Line were worth $1,969,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ODFL. Tcwp LLC acquired a new position in Old Dominion Freight Line in the 1st quarter valued at about $26,000. Canton Hathaway LLC purchased a new stake in Old Dominion Freight Line during the second quarter worth approximately $26,000. Glassman Wealth Services lifted its stake in Old Dominion Freight Line by 105.3% during the second quarter. Glassman Wealth Services now owns 117 shares of the transportation company’s stock worth $30,000 after purchasing an additional 60 shares during the last quarter. J.W. Cole Advisors Inc. purchased a new stake in Old Dominion Freight Line during the first quarter worth approximately $31,000. Finally, CVA Family Office LLC lifted its stake in Old Dominion Freight Line by 61.9% in the second quarter. CVA Family Office LLC now owns 170 shares of the transportation company’s stock valued at $44,000 after buying an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 73.48% of the company’s stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $298.77 on Friday. The business’s 50-day moving average price is $269.87 and its 200 day moving average price is $270.64. Old Dominion Freight Line, Inc. has a twelve month low of $231.31 and a twelve month high of $373.58. The company has a market capitalization of $33.01 billion, a PE ratio of 25.60, a price-to-earnings-growth ratio of 1.89 and a beta of 1.06. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, December 6th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.40%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 10.28%.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 32,000 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $313.95, for a total value of $10,046,400.00. Following the transaction, the chairman now directly owns 858,861 shares in the company, valued at approximately $269,639,410.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 10.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ODFL shares. Morgan Stanley reduced their price objective on Old Dominion Freight Line from $314.00 to $310.00 and set an “equal weight” rating for the company in a research note on Monday, October 3rd. Wells Fargo & Company upped their target price on Old Dominion Freight Line from $300.00 to $305.00 and gave the company an “overweight” rating in a report on Thursday, October 27th. Citigroup upped their target price on Old Dominion Freight Line to $275.00 in a report on Thursday, October 13th. StockNews.com started coverage on Old Dominion Freight Line in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Cowen upped their price objective on Old Dominion Freight Line to $267.00 in a research report on Thursday, October 27th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average target price of $296.25.

About Old Dominion Freight Line

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

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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