Granite Investment Partners LLC Has $16.57 Million Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Granite Investment Partners LLC grew its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 93,945 shares of the transportation company’s stock after buying an additional 1,941 shares during the period. Granite Investment Partners LLC’s holdings in Old Dominion Freight Line were worth $16,572,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Townsquare Capital LLC boosted its stake in Old Dominion Freight Line by 50.6% during the 4th quarter. Townsquare Capital LLC now owns 22,821 shares of the transportation company’s stock worth $4,026,000 after acquiring an additional 7,666 shares during the last quarter. Argent Trust Co raised its holdings in Old Dominion Freight Line by 1.5% in the fourth quarter. Argent Trust Co now owns 17,244 shares of the transportation company’s stock worth $3,042,000 after purchasing an additional 250 shares during the period. Bessemer Group Inc. boosted its position in shares of Old Dominion Freight Line by 9.5% during the fourth quarter. Bessemer Group Inc. now owns 435,439 shares of the transportation company’s stock worth $76,812,000 after purchasing an additional 37,943 shares in the last quarter. APG Asset Management N.V. grew its holdings in shares of Old Dominion Freight Line by 96.2% in the 4th quarter. APG Asset Management N.V. now owns 22,557 shares of the transportation company’s stock valued at $3,843,000 after buying an additional 11,060 shares during the period. Finally, Advisory Services Network LLC increased its position in shares of Old Dominion Freight Line by 23.3% in the 4th quarter. Advisory Services Network LLC now owns 7,859 shares of the transportation company’s stock valued at $1,386,000 after buying an additional 1,484 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $152.23 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 12-month low of $145.79 and a 12-month high of $233.26. The stock’s 50 day moving average price is $175.40 and its two-hundred day moving average price is $190.47. The firm has a market capitalization of $32.36 billion, a price-to-earnings ratio of 27.78, a P/E/G ratio of 2.89 and a beta of 1.25.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.28 per share. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. The ex-dividend date was Wednesday, March 5th. This represents a $1.12 annualized dividend and a dividend yield of 0.74%. Old Dominion Freight Line’s payout ratio is presently 18.98%.

Wall Street Analyst Weigh In

Several research firms have weighed in on ODFL. Barclays reduced their target price on Old Dominion Freight Line from $195.00 to $185.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 2nd. Bank of America cut their price objective on Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Wells Fargo & Company lowered their target price on Old Dominion Freight Line from $185.00 to $160.00 and set an “underweight” rating for the company in a research note on Thursday, March 27th. Jefferies Financial Group cut their price target on shares of Old Dominion Freight Line from $195.00 to $165.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, UBS Group lowered their price objective on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and a consensus price target of $195.75.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.