Hedge Funds Head for Old Dominion Freight Line (ODFL)’s Exits: What Spooked Them?

Since Old Dominion Freight Line (NASDAQ:ODFL) has encountered bearish sentiment from hedge fund managers, it’s safe to say that there were a few fund managers that decided to sell off their full holdings heading into Q4. Interestingly, Clint Carlson’s Carlson Capital cashed in the biggest position of all the hedgies monitored by Insider Monkey, worth an estimated $11.6 million in stock. Jonathan Barrett and Paul Segal’s fund, Luminus Management, also dropped its stock, about $10.8 million worth.

Let’s go over hedge fund activity in other stocks similar to Old Dominion Freight Line (NASDAQ:ODFL). We will take a look at Gaming and Leisure Properties Inc (NASDAQ:GLPI), TAL Education Group (ADR) (NYSE:XRS), Robert Half International Inc. (NYSE:RHI), and Edgewell Personal Care Company (NYSE:EPC). This group of stocks’ market valuations resemble ODFL’s market valuation.

As you can see these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $496 million. That figure was $68 million in ODFL’s case. Gaming and Leisure Properties Inc (NASDAQ:GLPI) is the most popular stock in this table. On the other hand Robert Half International Inc. (NYSE:RHI) is the least popular one with only 21 bullish hedge fund positions. Compared to these stocks Old Dominion Freight Line (NASDAQ:ODFL) is even less popular than RHI. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock, and in fact are getting as far away from it as possible.

Disclosure: None