Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Hedge Funds Are Crazy About Old Dominion Freight Line (ODFL)

As one would reasonably expect, specific money managers were leading the bulls’ herd. Stevens Capital Management, managed by Matthew Tewksbury, initiated the most outsized position in Old Dominion Freight Line (NASDAQ:ODFL). Stevens Capital Management had $3.9 million invested in the company at the end of the quarter. Paul Hondros’ AlphaOne Capital Partners also made a $3.3 million investment in the stock during the quarter. The following funds were also among the new ODFL investors: Neil Chriss’ Hutchin Hill Capital, Jonathan Dawson’s Southport Management, and George Hall’s Clinton Group.

Let’s check out hedge fund activity in other stocks similar to Old Dominion Freight Line (NASDAQ:ODFL). These stocks are Flowers Foods, Inc. (NYSE:FLO), Anacor Pharmaceuticals Inc (NASDAQ:ANAC), Teleflex Incorporated (NYSE:TFX), and Avery Dennison Corp (NYSE:AVY). This group of stocks’ market valuations are similar to ODFL’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
FLO 17 221974 3
ANAC 36 1499557 2
TFX 21 547458 4
AVY 19 206152 2

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $619 million, which is higher than the $296 million in ODFL’s case. Anacor Pharmaceuticals Inc (NASDAQ:ANAC) is the most popular stock in this table. On the other hand Flowers Foods, Inc. (NYSE:FLO) is the least popular one with only 17 bullish hedge fund positions. Old Dominion Freight Line (NASDAQ:ODFL) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ANAC might be a better candidate to consider a long position.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.