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.

This Metric Says You Are Smart to Buy Old Dominion Freight Line (ODFL)

What’s a smart Old Dominion Freight Line (NASDAQ:ODFL) investor to do?

In the financial world, there are many methods investors can use to track stocks. A duo of the best are hedge fund and insider trading sentiment. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the elite fund managers can outclass the broader indices by a very impressive margin (see just how much).

Old Dominion Freight Line (NASDAQ:ODFL)

Equally as useful, bullish insider trading activity is another way to analyze the financial markets. Obviously, there are a number of motivations for a corporate insider to sell shares of his or her company, but only one, very simple reason why they would buy. Various academic studies have demonstrated the valuable potential of this method if shareholders know what to do (learn more here).

Furthermore, let’s examine the newest info about Old Dominion Freight Line (NASDAQ:ODFL).

What does the smart money think about Old Dominion Freight Line (NASDAQ:ODFL)?

Heading into Q3, a total of 23 of the hedge funds we track were bullish in this stock, a change of 15% from the first quarter. With hedgies’ capital changing hands, there exists a few key hedge fund managers who were increasing their stakes considerably.

Out of the hedge funds we follow, Millennium Management, managed by Israel Englander, holds the largest position in Old Dominion Freight Line (NASDAQ:ODFL). Millennium Management has a $20.1 million position in the stock, comprising 0.1% of its 13F portfolio. Coming in second is Legg Mason Capital Management, managed by Bill Miller, which held a $19.9 million position; the fund has 0.4% of its 13F portfolio invested in the stock. Some other hedgies that are bullish include Bruce Kovner’s Caxton Associates LP, John Brennan’s Sirios Capital Management and D. E. Shaw’s D E Shaw.

As industrywide interest increased, certain money managers have jumped into Old Dominion Freight Line (NASDAQ:ODFL) headfirst. Millennium Management, managed by Israel Englander, created the most valuable position in Old Dominion Freight Line (NASDAQ:ODFL). Millennium Management had 20.1 million invested in the company at the end of the quarter. Bill Miller’s Legg Mason Capital Management also initiated a $19.9 million position during the quarter. The other funds with brand new ODFL positions are Bruce Kovner’s Caxton Associates LP, John Brennan’s Sirios Capital Management, and D. E. Shaw’s D E Shaw.

Insider trading activity in Old Dominion Freight Line (NASDAQ:ODFL)

Bullish insider trading is best served when the primary stock in question has seen transactions within the past six months. Over the last six-month time frame, Old Dominion Freight Line (NASDAQ:ODFL) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

We’ll check out the relationship between both of these indicators in other stocks similar to Old Dominion Freight Line (NASDAQ:ODFL). These stocks are Knight Transportation (NYSE:KNX), Werner Enterprises, Inc. (NASDAQ:WERN), Con-way Inc (NYSE:CNW), Swift Transportation Co (NYSE:SWFT), and Landstar System, Inc. (NASDAQ:LSTR). This group of stocks are in the trucking industry and their market caps are similar to ODFL’s market cap.

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.