Is it a Good Choice to Consider Disposing Your Old Dominion Freight Lines (ODFL) Shares?

ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” first quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index during the first quarter. On an absolute basis, the Strategy had losses across eight of the 11 sectors in which it was invested during the quarter. The leading detractors were the industrials and consumer discretionary sectors, while the leading contributor was the energy sector. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Clearbridge Investments Mid Cap Strategy mentioned Old Dominion Freight Line, Inc. (NASDAQ:ODFL) and explained its insights for the company. Founded in 1934, OldDominion Freight Line, Inc. (NASDAQ:ODFL)  is a Thomasville, North Carolina-based truckload shipping company with a $30.4 billion market capitalization. Old Dominion Freight Line, Inc. (NASDAQ:ODFL)  delivered a -16.90% return since the beginning of the year, while its 12-month returns are up by 10.73%. The stock closed at $264.75 per share on April 14, 2022.

Here is what Clearbridge Investments Mid Cap Strategy has to say about Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q1 2022 investor letter:

“We exited our position in Old Dominion Freight Lines (NASDAQ:ODFL), in the industrial sector. While our opinion of the freight carrier’s business quality is unchanged, we believe the stock’s current price reflects less potential than some of the new opportunities we have been evaluating.”

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Our calculations show that Old Dominion Freight Line, Inc. (NASDAQ:ODFL) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was in 35 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 52 funds in the previous quarter. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) delivered a -7.35% return in the past 3 months.

In April 2022, we published an article that includes Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.