Old Dominion Freight Line (ODFL) is Focused on Cost Containment

The London Company, an investment management company, released “The London Company Large Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 2.7% gross, (2.6% net) compared to a 7.5% increase in the Russell 1000 Index. Both Stock Selection and sector allocation affected the portfolio’s relative performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Large Cap Strategy highlighted stocks like Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the first quarter 2023 investor letter. Headquartered in Thomasville, North Carolina, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a less-than-truckload (LTL) motor carrier. On June 29, 2023, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $375.75 per share. One-month return of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was 17.54%, and its shares gained 43.96% of their value over the last 52 weeks. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has a market capitalization of $41.202 billion.

The London Company Large Cap Strategy made the following comment about Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its first quarter 2023 investor letter:

“Old Dominion Freight Line, Inc. (NASDAQ:ODFL) – ODFL outperformed during Q1, reflecting strong operating performance in a negative freight market. ODFL has a relentless focus on service and quality, which resonates with customers in good times and bad. Management’s focus on cost containment this quarter resulted in record levels of profitability, and the company continues to execute on its long-term growth plan. ODFL is widely held as one of the best franchises in transportation.”

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Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of first quarter 2023 which was 34 in the previous quarter.

We discussed Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in another article and shared the list of stocks receiving upgrades from analysts. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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