Granite Investment Partners LLC cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 10.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,888 shares of the transportation company’s stock after selling 7,238 shares during the period. Granite Investment Partners LLC’s holdings in Old Dominion Freight Line were worth $5,608,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. M&T Bank Corp raised its stake in Old Dominion Freight Line by 0.3% in the first quarter. M&T Bank Corp now owns 5,284 shares of the transportation company’s stock valued at $453,000 after buying an additional 14 shares during the last quarter. IFP Advisors Inc increased its position in shares of Old Dominion Freight Line by 1.9% in the first quarter. IFP Advisors Inc now owns 1,839 shares of the transportation company’s stock valued at $157,000 after buying an additional 34 shares during the period. Pier Capital LLC increased its position in shares of Old Dominion Freight Line by 0.6% in the first quarter. Pier Capital LLC now owns 5,959 shares of the transportation company’s stock valued at $510,000 after buying an additional 34 shares during the period. Atria Investments LLC increased its position in shares of Old Dominion Freight Line by 2.6% in the first quarter. Atria Investments LLC now owns 2,772 shares of the transportation company’s stock valued at $237,000 after buying an additional 69 shares during the period. Finally, Fisher Asset Management LLC increased its position in shares of Old Dominion Freight Line by 2.3% in the first quarter. Fisher Asset Management LLC now owns 5,877 shares of the transportation company’s stock valued at $503,000 after buying an additional 130 shares during the period. 75.07% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line, Inc. (ODFL) opened at 95.28 on Friday. The company has a market cap of $7.85 billion, a PE ratio of 24.68 and a beta of 1.08. Old Dominion Freight Line, Inc. has a 52-week low of $66.33 and a 52-week high of $103.51. The firm has a 50-day moving average price of $96.65 and a 200-day moving average price of $90.45.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.09. The business had revenue of $839.90 million for the quarter, compared to analysts’ expectations of $824.68 million. Old Dominion Freight Line had a return on equity of 16.87% and a net margin of 10.19%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.98 EPS. On average, analysts forecast that Old Dominion Freight Line, Inc. will post $4.14 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.42%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 10.39%.

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Several research analysts recently issued reports on the stock. BidaskClub upgraded shares of Old Dominion Freight Line from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $91.00 price target on shares of Old Dominion Freight Line in a research note on Friday, July 14th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $109.00 price target (up from $101.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 13th. They noted that the move was a valuation call. Zacks Investment Research raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research note on Tuesday, July 11th. Finally, Deutsche Bank AG cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and lowered their price target for the company from $108.00 to $98.00 in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $97.67.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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