UBS’ Bottom Quant Stocks In AI, IT, Healthcare & Others: 29 Stocks In All Sectors

14. Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Number of Hedge Fund Investors In Q2 2024: 43

Sector: Industrial

Old Dominion Freight Line Inc. (NASDAQ:ODFL) is a logistics and shipping company that provides truck-based services. Its business is dependent on the state of the economy, which in turn is dependent on interest rates. The stock soared by 11% after former US President Donald Trump won the 2024 Presidential Election. This underscored investor optimism about the economy under a Trump Administration, with Old Dominion Freight Line Inc. (NASDAQ:ODFL)’s share price performance meeting other sectors such as hospitality and energy. Ahead of the election though the shares had gained a modest 4% year to date, as Old Dominion Freight Line Inc. (NASDAQ:ODFL) struggled with volume and revenue growth in an overall tight economy still reeling from inflation, lower consumer demand, and interest rates.

The London Company mentioned Old Dominion Freight Line Inc. (NASDAQ:ODFL) in its Q2 2024 investor letter. Here is what the fund said:

“Old Dominion Freight Line, Inc. (NASDAQ:ODFL) – ODFL reported solid results in its latest quarter, but is still feeling the negative impact of the freight recession. ODLF continues to invest in the business by adding capacity, while focusing on superior service. We trimmed the position in the Large Cap portfolio in early 2Q24 due to valuation concerns. Trimmed the position following recent strength in shares. There is no change to our long-term thesis for the company.”