Here’s why Old Dominion Freight Line (ODFL) rose in Q3
The London Company, an investment management firm, released “The London Company Large Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Shares of larger companies outperformed as stocks traded lower across the market cap spectrum for the third consecutive quarter, indicating a preference for growth. The fund declined 3.8% (-3.9%) in the quarter compared to a 3.2% drop in the Russell 1000 Index. Headwinds from stock selection offset gains from sector allocation. Additionally, you can check out the top 5 holdings of the fund to find out which are the best picks in 2023.
The London Company Large Cap Strategy identified stocks as Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its third quarter 2023 investor letter.Headquartered in Thomasville, North Carolina, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a less-than-truckload (LTL) motor carrier. On November 7, 2023, Old Dominion Freight Line, Inc. closed. (NASDAQ:ODFL) at $396.36 per share. The highest value of Old Dominion Freight Line, Inc.’s share was -6.91%. (NASDAQ:ODFL) for the week, and its shares gained 40.62% of their value over the past 52 weeks. Old Dominion Freight Line, Inc. has a market capitalization of $43.309 billion. (NASDAQ:ODFL).
London Company Large Cap Strategy made the following comment on Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q3 2023 investor letter:
“Information about the company Old Dominion Freight Line, Inc. (NASDAQ: ODFL) – ODFL delivered a strong performance during Q3 as major LTL (less-than-truckload) competitor Yellow Corp. began losing business ahead of an imminent strike by its unionized workers. Yellow eventually filed for Chapter 11 bankruptcy, and ODFL made a bid for its final assets. The stock also responded well as the ongoing commodity decline and inventory destocking showed signs that it might end. “
A busy truck depot, with trucks and goods packed for their journeys.
Old Dominion Freight Line, Inc. does not (NASDAQ:ODFL) on our list of 30 most popular stocks among hedge funds. According to our database, 25 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of the second quarter that 37 in the previous quarter.
We considered Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in another article and Wedgewood Partners comments about the company. Additionally, check out our Q3 2023 hedge fund investor letters page for more investor letters from hedge funds and other major investors.
Disclosure: None. This article is originally published at Insider Monkey.