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|
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.