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

Granite Investment Partners LLC increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 24.8% in the 1st quarter, according to the company in its most recent Form 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 quarter. Old Dominion Freight Line makes up approximately 1.1% of Granite Investment Partners LLC’s portfolio, making the stock its 20th biggest 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 institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Old Dominion Freight Line in the 4th quarter valued at $444,983,000. Boston Partners purchased a new position in shares of Old Dominion Freight Line during the third quarter worth about $292,599,000. Price T Rowe Associates Inc. MD increased its position in shares of Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after purchasing an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $188,651,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $235.00 price target (up from $209.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 23rd. Stifel Nicolaus lifted their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Raymond James Financial reiterated an “outperform” rating and set a $224.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Evercore upgraded shares of Old Dominion Freight Line from an “in-line” rating to an “outperform” rating in a research note on Wednesday, July 1st. Finally, TD Cowen reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Ten investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $220.00.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $218.25 on Thursday. The stock has a market capitalization of $45.39 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 3.93 and a beta of 1.18. The company has a fifty day moving average of $218.29 and a 200-day moving average of $198.94. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The business 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 revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.19 earnings per share. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.51 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

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.