Sat Sep 28 16:40:12 UTC 2024: ## Toronto Dominion Bank Cuts Stake in Old Dominion Freight Line

**Toronto, Canada – September 28, 2024** – Toronto Dominion Bank reduced its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 47.8% during the second quarter, according to a recent filing with the Securities and Exchange Commission. The bank now owns 55,181 shares of the transportation company, valued at $9,745,000.

This move follows a trend of other institutional investors adjusting their stakes in ODFL. While Catalytic Wealth RIA LLC bought a new stake in the company, Bank of Nova Scotia and Eagle Asset Management Inc. increased their holdings. Partners Capital Investment Group LLP and California State Teachers Retirement System also added to their positions. In total, institutional investors own 77.82% of ODFL stock.

Analysts have mixed opinions on ODFL’s future. TD Cowen, Morgan Stanley, and Wells Fargo & Company all lowered their price targets, while Stephens reaffirmed an “overweight” rating and Raymond James increased its target price. Overall, analysts give the stock a “Hold” rating with an average price target of $201.83.

Old Dominion Freight Line recently reported strong earnings, beating analyst estimates for both earnings per share and revenue. The company also declared a quarterly dividend of $0.26 per share.

However, insider activity is mixed. Chairman David S. Congdon sold a significant number of shares in recent transactions, leading to speculation about the company’s future prospects.

Old Dominion Freight Line operates as a less-than-truckload motor carrier in the United States and North America, providing regional, inter-regional, and national services. The company also offers value-added services such as container drayage, truckload brokerage, and supply chain consulting.

Investors will be closely watching the company’s performance in the coming quarters, as they try to determine if recent insider selling is indicative of a change in the company’s outlook.

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