Bank of Nova Scotia Increases Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bank of Nova Scotia raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 1.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 119,459 shares of the transportation company's stock after purchasing an additional 1,659 shares during the quarter. Bank of Nova Scotia owned 0.06% of Old Dominion Freight Line worth $21,103,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Avanza Fonder AB acquired a new stake in Old Dominion Freight Line during the fourth quarter worth about $3,741,000. AustralianSuper Pty Ltd purchased a new position in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $128,221,000. Toronto Dominion Bank lifted its stake in shares of Old Dominion Freight Line by 77.7% in the 3rd quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company's stock valued at $19,479,000 after purchasing an additional 42,880 shares during the period. Blueshift Asset Management LLC purchased a new stake in Old Dominion Freight Line during the fourth quarter worth $630,000. Finally, Board of the Pension Protection Fund acquired a new stake in Old Dominion Freight Line during the fourth quarter valued at $600,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several recent analyst reports. Stifel Nicolaus lowered their target price on shares of Old Dominion Freight Line from $200.00 to $188.00 and set a "buy" rating on the stock in a research note on Monday. Evercore ISI increased their price target on Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an "in-line" rating in a research report on Thursday, February 6th. Jefferies Financial Group cut their price objective on Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating for the company in a research report on Wednesday, April 9th. Bank of America cut their price target on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Finally, Wells Fargo & Company decreased their price objective on shares of Old Dominion Freight Line from $185.00 to $160.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus target price of $195.15.

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Old Dominion Freight Line Trading Down 0.9 %

NASDAQ:ODFL traded down $1.41 on Tuesday, reaching $153.70. The company's stock had a trading volume of 288,399 shares, compared to its average volume of 1,669,187. Old Dominion Freight Line, Inc. has a 12-month low of $145.79 and a 12-month high of $233.26. The stock has a 50 day moving average price of $174.63 and a 200 day moving average price of $190.15. The firm has a market cap of $32.67 billion, a price-to-earnings ratio of 28.05, a price-to-earnings-growth ratio of 2.89 and a beta of 1.25. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.73%. The ex-dividend date was Wednesday, March 5th. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.26. Old Dominion Freight Line's dividend payout ratio (DPR) is 18.98%.

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.