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Hedge Funds Are Selling Out Of These Transportation Stocks

Old Dominion Freight Line (NASDAQ:ODFL)

Investors with Long Positions (as of June 30): 27

Aggregate Value of Investors’ Holdings (as of June 30): $405.26 Million

Going into the second quarter, 36 out of the more than 700 hedge funds that we track were long in Old Dominion Freight Line (NASDAQ:ODFL), while their aggregate investment stood at $387.37 million. The Thomasville, North Carolina-based transportation company posted record earnings results in the second quarter, delivering $85.6 million in net income, representing a 15.9% increase on a year-over-year basis. The company’s earnings per diluted share stood at $1, representing a 16.3% rise compared to the same quarter of last year. Analysts had expected Old Dominion Freight Line (NASDAQ:ODFL) to post $0.88 in earnings per diluted share. The stock price is down by 13.25% since the beginning of the year despite the record results. At the end of the second quarter, John Brennan‘s Sirios Capital Management was long in the stock with 1.14 million shares worth $78.25 million, emerging as the biggest shareholder out of the funds tracked by Insider Monkey. Tiger Eye Capital, managed by Ben Gambill, sold out its 320,576 share-stake in the quarter. A few other hedge funds that sold out of their positions in the stockwere Arrowstreet Capital, headed by Peter Rathjens, Bruce Clarke and John Campbell, and Christopher A. Winham’s Tide Point Capital.

DHT Holdings Inc (NYSE:DHT)

Investors with Long Positions (as of June 30): 33

Aggregate Value of Investors’ Holdings (as of June 30): $294.11 Million

At the beginning of the second quarter, 40 hedge funds out of the ones tracked by Insider Monkey were long in DHT Holdings Inc (NYSE:DHT), with their aggregate investments in the stock standing at $346.89 million. The company, which operates in the shipping industry, recently announced a dividend of $0.15 per share for shareholders of record as of August 12, with the dividend payable on August 20. DHT Holdings Inc (NYSE:DHT)’s earnings per share has beaten analysts’ consensus estimates in the previous two quarters by more than 10%. In its most recent quarter, the company beat estimates by 26.3% to post earnings per share of $0.24. While the stock has only lost 2.46% of its share price year-to-date, it has actually lost 11.87% over the past three months. Stephen Feinberg‘s Cerberus Capital Management was long in the stock with 6.14 million shares with a market value of $47.73 million after reducing its stake in the stock by 19% during the quarter. Other notable shareholders in our database at the close of the quarter were Christopher Pucillo’s Solus Alternative Asset Management, and billionaire George Soros’ Soros Fund Management. Signpost Capital, led by Siddharth Thacker, sold out of its 1.27 million shares of the stock while Zenit Asset Management AB, headed by Patrik Brummer, also opted to offload its 350,000 share-position.


Investors with Long Positions (as of June 30): 11

Aggregate Value of Investors’ Holdings (as of June 30): $183.48 Million

The number of hedge funds that were long in Saia Inc (NASDAQ:SAIA) fell from 19, although the aggregate investment of funds in the stock increased by a significant 89.54% during the quarter. The company carries out a number of its activities through its wholly-owned subsidiaries in the transportation sector. In the company’s most recent report, it posted earnings per share of $0.75, representing a 41.51% rise on a year-over-year basis. The road has been bumpy for Saia Inc (NASDAQ:SAIA) this year, having lost 31.16% of its share price year-to-date. Anchorage Advisors, managed by Kevin Michael Ulrich and Anthony Davis, initiated a new position in the stock comprised of 2.30 million shares worth $90.21 million. Chuck Royce’s Royce & Associates also created a new position of 1.20 million shares with a market value of $47.00 million. The hedge fund in our database that sold out of the biggest stake was billionaire Israel Englander’s Millennium Management, having completely disposed of its 391,884 shares of Saia.

Disclosure: None

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