Old Dominion Sets 3-for-2 Stock Split

Old Dominion Freight Line said Monday its board approved a three-for-two stock split for shareholders as of Aug. 9, effective Aug. 23.

After the split, the less-than-truckload carrier said it will have 55.9 million shares outstanding and added that the split will improve trading volume of its stock.

The move is the company’s fourth 3-for-2 split in slightly more than seven years, the Associated Press reported.

Old Dominion Freight Line, which reported its second-quarter earnings last week, is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.