Weak Freight Market Reflected on Old Dominion Freight Line’s (ODFL) Performance in Q4
The London Company, an investment management company, released “The London Company Mid Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. Q4 saw a remarkable broadening of market strength, with small and mid-cap companies posting robust increases. In Q4, the fund gained 12.9% (12.8, net) vs a 12.8% gain for the Russell Midcap Index. Positive stock selection boosted the fund's outperformance in the quarter, partly offset by headwinds from sector exposure. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy featured stocks such as Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the fourth 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 February 7, 2024, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $432.45 per share. One-month return of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was 11.22%, and its shares gained 21.82% of their value over the last 52 weeks. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has a market capitalization of $47.186 billion.
The London Company Mid Cap Strategy stated the following regarding Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its fourth quarter 2023 investor letter:
"Old Dominion Freight Line, Inc. (NASDAQ:ODFL) - Shares of ODFL underperformed in the quarter reflecting a weak freight market. The company's earnings report was positive, though, as declining volumes were somewhat offset by higher yields. The company did not chase share gains following the recent bankruptcy of Yellow Corp. This should be seen as a positive, though as ODFL has always chosen to focus on freight and revenue quality. We view ODFL as the best operator in the LTL freight industry."
A large fleet of freight trucks travelling down an interstate highway.
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of third quarter which was 25 in the previous quarter.
We discussed Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in another article and shared Wedgewood Partners’ views on the company. In addition, please check out our hedge fund investor letters Q4 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.
