Old Dominion Freight Line, Inc. $ODFL Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its stake in Old Dominion Freight Line by 70.6% in the first quarter, selling 300,195 shares and ending with 124,911 shares worth about $24.4 million.
• ODFL’s latest earnings beat expectations, with quarterly EPS of $1.14 versus the $1.05 estimate and revenue of $1.33 billion versus $1.31 billion expected, though revenue was still down 2.9% year over year.
• The company declared a quarterly dividend of $0.29 per share, payable September 16, implying an annualized dividend of $1.16 and a yield of 0.5%.

Bank of Nova Scotia lowered its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 70.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 124,911 shares of the transportation company's stock after selling 300,195 shares during the quarter. Bank of Nova Scotia owned 0.06% of Old Dominion Freight Line worth $24,409,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares in the last quarter. 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 valued at $1,690,000 after purchasing an additional 5,866 shares in the last quarter. Marshall Wace LLP acquired a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $7,478,000. Jump Financial LLC acquired a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $2,891,000. Finally, AXA S.A. raised its stake in shares of Old Dominion Freight Line by 1.2% during the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock worth $3,287,000 after buying an additional 238 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

ODFL opened at $232.99 on Friday. The stock has a market cap of $48.45 billion, a P/E ratio of 48.74, a P/E/G ratio of 4.21 and a beta of 1.18. The stock's 50 day simple moving average is $225.49 and its 200 day simple moving average is $204.77. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.Old Dominion Freight Line's revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 earnings per share. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid 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 of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is 24.27%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ODFL. BMO Capital Markets reissued an "outperform" rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Tuesday, April 28th. Stephens reiterated an "overweight" rating and issued a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Finally, Rothschild & Co Redburn lowered their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research note on Tuesday, May 12th. Ten research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $223.04.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction dated 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 in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is owned by corporate insiders.

Old Dominion Freight Line 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.

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