Old Dominion Freight Line, Inc. said its Board of Directors approved a three-for-two stock split on Friday, lowering the share price and increasing the company's number of outstanding shares. The split is effective March 24 for shareholders registered as of March 10.

Old Dominion's share price opened at $225.72 on Friday, just below its 52-week high of $227.21. Its 52-week low is $130.87. The three-for-two split, in which stockholders receive one additional share of common stock for every two shares held, would reduce the share price to $150.48.

The split will increase Old Dominion's outstanding shares to about 119.5 million, the company said.