Granite Investment Partners LLC lowered its stake in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 2.8% in the third quarter, HoldingsChannel.com reports. The firm owned 66,628 shares of the transportation company’s stock after selling 1,894 shares during the period. Granite Investment Partners LLC’s holdings in Old Dominion Freight Line were worth $10,744,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ODFL. MERIAN GLOBAL INVESTORS UK Ltd boosted its position in Old Dominion Freight Line by 5,010.3% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 254,850 shares of the transportation company’s stock worth $41,097,000 after purchasing an additional 249,863 shares during the period. Morgan Stanley boosted its position in Old Dominion Freight Line by 107.1% during the second quarter. Morgan Stanley now owns 473,609 shares of the transportation company’s stock worth $70,549,000 after purchasing an additional 244,948 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Old Dominion Freight Line by 132.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 286,730 shares of the transportation company’s stock worth $44,717,000 after purchasing an additional 163,258 shares during the period. Wells Fargo & Company MN boosted its position in Old Dominion Freight Line by 24.6% during the second quarter. Wells Fargo & Company MN now owns 734,540 shares of the transportation company’s stock worth $109,417,000 after purchasing an additional 145,041 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its position in Old Dominion Freight Line by 416.9% during the second quarter. CIBC Private Wealth Group LLC now owns 165,345 shares of the transportation company’s stock worth $24,630,000 after purchasing an additional 133,357 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.

ODFL opened at $134.65 on Monday. Old Dominion Freight Line has a 1-year low of $117.87 and a 1-year high of $170.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.92 and a quick ratio of 1.92. The company has a market capitalization of $11.01 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 0.75 and a beta of 1.41.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, October 25th. The transportation company reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.15. Old Dominion Freight Line had a return on equity of 22.13% and a net margin of 16.47%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. As a group, sell-side analysts predict that Old Dominion Freight Line will post 7.19 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be given a $0.13 dividend. The ex-dividend date is Wednesday, December 5th. This represents a $0.52 annualized dividend and a dividend yield of 0.39%. Old Dominion Freight Line’s dividend payout ratio is 11.93%.

A number of equities research analysts have issued reports on ODFL shares. Morgan Stanley upped their target price on Old Dominion Freight Line from $158.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, October 9th. Bank of America increased their price objective on Old Dominion Freight Line from $139.00 to $143.00 and gave the company an “underperform” rating in a research report on Thursday, August 30th. ValuEngine raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. Buckingham Research reduced their price objective on Old Dominion Freight Line from $154.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, October 26th. Finally, BidaskClub cut Old Dominion Freight Line from a “sell” rating to a “strong sell” rating in a research report on Friday, October 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $146.25.

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About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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

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