Granite Investment Partners LLC Boosts Stake in Old Dominion Freight Line, Inc. $ODFL

Granite Investment Partners LLC grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 24.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,092 shares of the transportation company’s stock after purchasing an additional 17,887 shares during the period. Old Dominion Freight Line makes up 1.1% of Granite Investment Partners LLC’s investment portfolio, making the stock its 20th largest position. Granite Investment Partners LLC’s holdings in Old Dominion Freight Line were worth $17,604,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Brighton Jones LLC raised its holdings in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after buying an additional 79 shares during the period. Empowered Funds LLC lifted its stake in Old Dominion Freight Line by 134.9% during the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after acquiring an additional 5,866 shares in the last quarter. Marshall Wace LLP purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $7,478,000. Jump Financial LLC purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $2,891,000. Finally, AXA S.A. grew its position in Old Dominion Freight Line by 1.2% in the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock valued at $3,287,000 after acquiring an additional 238 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ODFL has been the topic of several research reports. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Argus lifted their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $235.00 to $250.00 in a research note on Wednesday. Robert W. Baird set a $229.00 target price on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Finally, UBS Group increased their target price on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday. Ten equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $220.00.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $218.25 on Thursday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market capitalization of $45.39 billion, a PE ratio of 45.66, a PEG ratio of 3.93 and a beta of 1.18. The stock has a 50-day simple moving average of $218.29 and a 200-day simple moving average of $198.94.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.19 earnings per share. Analysts predict that Old Dominion Freight Line, Inc. will post 5.51 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were given a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is currently 24.27%.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 10.00% of the company’s stock.

About Old Dominion Freight Line

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.