Granite Investment Partners LLC Has $11.34 Million Holdings in Old Dominion Freight Line, Inc. $ODFL

Granite Investment Partners LLC cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,582 shares of the transportation company’s stock after selling 3,162 shares during the period. Granite Investment Partners LLC’s holdings in Old Dominion Freight Line were worth $11,344,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Financial Gravity Companies Inc. bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth about $26,000. Rossby Financial LCC acquired a new stake in Old Dominion Freight Line in the 2nd quarter worth approximately $28,000. E Fund Management Hong Kong Co. Ltd. boosted its position in Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after purchasing an additional 123 shares during the period. Westside Investment Management Inc. grew its holdings in Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares during the last quarter. Finally, Raiffeisen Bank International AG bought a new position in shares of Old Dominion Freight Line in the third quarter valued at approximately $37,000. 77.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the sale, the director owned 11,278 shares in the company, valued at $2,190,977.06. This trade represents a 21.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Up 3.2%

ODFL stock opened at $201.39 on Monday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $208.74. The company has a market cap of $42.11 billion, a PE ratio of 41.70, a price-to-earnings-growth ratio of 10.05 and a beta of 1.28. The business’s 50-day simple moving average is $175.17 and its 200 day simple moving average is $154.38.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the firm posted $1.23 EPS. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 annualized dividend and a yield of 0.6%. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is presently 23.19%.

Analysts Set New Price Targets

Several analysts recently issued reports on ODFL shares. Evercore upped their price objective on shares of Old Dominion Freight Line from $150.00 to $200.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. BMO Capital Markets restated an “outperform” rating on shares of Old Dominion Freight Line in a report on Thursday. Morgan Stanley reaffirmed an “overweight” rating and issued a $209.00 price target (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, December 3rd. Finally, Susquehanna reissued a “neutral” rating and set a $205.00 price objective (up previously from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $189.88.

Old Dominion Freight Line Company 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.