Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC reduced its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 75,670 shares of the transportation company’s stock after selling 58 shares during the quarter. Granite Investment Partners LLC’s holdings in Old Dominion Freight Line were worth $13,363,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Jones Financial Companies Lllp increased its stake in Old Dominion Freight Line by 22.5% in the 4th quarter. Jones Financial Companies Lllp now owns 147 shares of the transportation company’s stock valued at $60,000 after buying an additional 27 shares during the period. Partners Capital Investment Group LLP grew its stake in shares of Old Dominion Freight Line by 6.1% during the 4th quarter. Partners Capital Investment Group LLP now owns 697 shares of the transportation company’s stock worth $283,000 after purchasing an additional 40 shares during the period. Gulf International Bank UK Ltd grew its stake in shares of Old Dominion Freight Line by 0.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 8,474 shares of the transportation company’s stock worth $1,858,000 after purchasing an additional 47 shares during the period. Foundations Investment Advisors LLC grew its stake in shares of Old Dominion Freight Line by 0.6% during the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock worth $1,611,000 after purchasing an additional 54 shares during the period. Finally, Meridian Wealth Management LLC grew its stake in shares of Old Dominion Freight Line by 6.2% during the 1st quarter. Meridian Wealth Management LLC now owns 954 shares of the transportation company’s stock worth $209,000 after purchasing an additional 56 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ODFL. JPMorgan Chase & Co. lowered their price target on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Evercore ISI reaffirmed an “in-line” rating and set a $196.00 price target (down from $225.00) on shares of Old Dominion Freight Line in a research note on Tuesday, June 25th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Bank of America lowered their price target on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Finally, Stephens reaffirmed an “overweight” rating and set a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $201.83.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the transaction, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $204.52 on Friday. The firm has a market cap of $44.44 billion, a price-to-earnings ratio of 36.01, a price-to-earnings-growth ratio of 3.92 and a beta of 0.99. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average is $195.84 and its two-hundred day moving average is $195.95. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.64 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. Old Dominion Freight Line’s payout ratio is currently 18.31%.

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.