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

Key Points

• The Bank of Nova Scotia reduced its stake in Old Dominion Freight Line by 3.7%, owning 114,986 shares valued at approximately $19 million after selling 4,473 shares in the first quarter.
• Old Dominion Freight Line's stock has seen a decline of 5.0%, currently trading at around $141.85, while its recent earnings report showed a 6.1% decrease in quarterly revenue compared to the previous year.
• Research analysts have mixed views on the company, with target prices ranging from $145.00 to $180.00 and a consensus rating of "Hold."

Bank of Nova Scotia decreased its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 3.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,986 shares of the transportation company's stock after selling 4,473 shares during the quarter. Bank of Nova Scotia owned about 0.05% of Old Dominion Freight Line worth $19,020,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its stake in Old Dominion Freight Line by 8.6% during the first quarter. PNC Financial Services Group Inc. now owns 27,223 shares of the transportation company's stock valued at $4,504,000 after buying an additional 2,161 shares during the last quarter. Moors & Cabot Inc. increased its holdings in shares of Old Dominion Freight Line by 22.6% in the 1st quarter. Moors & Cabot Inc. now owns 1,467 shares of the transportation company's stock worth $243,000 after purchasing an additional 270 shares in the last quarter. Jefferies Financial Group Inc. increased its holdings in shares of Old Dominion Freight Line by 15.3% in the 1st quarter. Jefferies Financial Group Inc. now owns 7,369 shares of the transportation company's stock worth $1,219,000 after purchasing an additional 979 shares in the last quarter. Natixis Advisors LLC increased its holdings in shares of Old Dominion Freight Line by 3.3% in the 1st quarter. Natixis Advisors LLC now owns 370,288 shares of the transportation company's stock worth $61,264,000 after purchasing an additional 11,886 shares in the last quarter. Finally, Dearborn Partners LLC increased its holdings in shares of Old Dominion Freight Line by 9.0% in the 1st quarter. Dearborn Partners LLC now owns 2,298 shares of the transportation company's stock worth $380,000 after purchasing an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of research analyst reports. Stifel Nicolaus reduced their target price on Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a report on Thursday, July 31st. TD Cowen reduced their target price on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a report on Thursday, July 31st. Evercore ISI reduced their target price on Old Dominion Freight Line from $164.00 to $156.00 and set an "in-line" rating for the company in a report on Thursday, April 24th. UBS Group reduced their target price on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Finally, Baird R W raised Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average target price of $167.62.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL traded up $2.78 during mid-day trading on Wednesday, hitting $149.93. 2,849,144 shares of the company traded hands, compared to its average volume of 1,878,219. The stock's fifty day moving average price is $161.53 and its 200-day moving average price is $167.99. Old Dominion Freight Line, Inc. has a one year low of $141.73 and a one year high of $233.26. The firm has a market cap of $31.68 billion, a price-to-earnings ratio of 29.28, a price-to-earnings-growth ratio of 3.39 and a beta of 1.24. The company has a quick ratio of 1.32, a current ratio of 1.38 and a debt-to-equity ratio of 0.04.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.02). Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.43 billion. During the same quarter in the previous year, the firm earned $1.48 earnings per share. Old Dominion Freight Line's revenue was down 6.1% on a year-over-year basis. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is presently 21.88%.

Old Dominion Freight Line Company Profile

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