230,328 Shares in Old Dominion Freight Line, Inc. $ODFL Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 230,328 Old Dominion Freight Line shares worth approximately $50.2 million, giving it a 0.11% stake. Institutional investors collectively own 77.82% of ODFL.
• Analysts have a mixed outlook, with ratings ranging from Strong Buy to Sell; the consensus rating is Hold with an average price target of $226.55.
• Old Dominion exceeded quarterly expectations, reporting $1.68 in EPS and $1.55 billion in revenue, while revenue increased 10.4% year over year. The company also declared a $0.29 quarterly dividend, representing a 0.6% annual yield.

Bank of Nova Scotia bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 230,328 shares of the transportation company's stock, valued at approximately $50,242,000. Bank of Nova Scotia owned about 0.11% of Old Dominion Freight Line at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bogart Wealth LLC raised its position in shares of Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after purchasing an additional 46 shares during the period. Private Advisor Group LLC boosted its position in shares of Old Dominion Freight Line by 1.3% in the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock valued at $814,000 after purchasing an additional 55 shares during the period. Keybank National Association OH increased its stake in Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock worth $479,000 after purchasing an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock worth $101,000 after purchasing an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its holdings in Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock worth $812,000 after buying an additional 60 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ODFL shares. Weiss Ratings raised shares of Old Dominion Freight Line from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Evercore restated an "outperform" rating and issued a $243.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Stephens reaffirmed an "overweight" rating and issued a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Finally, Argus boosted their target price on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and an average price target of $226.55.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $206.47 on Monday. The company has a market capitalization of $42.81 billion, a P/E ratio of 39.78, a P/E/G ratio of 3.59 and a beta of 1.18. The stock's 50 day moving average price is $220.21 and its 200 day moving average price is $210.63. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. Old Dominion Freight Line's quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.27 EPS. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 22.35%.

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.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source