What smart money is saying about Heartland Express
HTLD
No fund has written a full thesis on Heartland Express in our archive, but 4 fund letters report a position in it, most recently Riverwater Partners Micro Opportunities Strategy in September 2026.
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4
Reported positions
0
Bought
2
Sold
4
Letters
Position history
Between Q1 2026 and Q3 2026, 4 fund letters reported a position in Heartland Express, with 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 2 | 0 | 1 | 0 |
| Q1 2026 | 1 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 4 positions · 2 moves
- September 2026
“Industrials, also caught up in the AI unwind, was the largest detractor. We hold a meaningful overweight to the sector, and several holdings, including NPK International (NPKI), Heartland Express (HTLD), and Douglas Dynamics (PLOW), declined by more than 20% during the period. Heartland Express and Douglas Dynamics have no AI exposure but were hurt by rising diesel prices.”
Heartland Express - June 2026
“We sold our position in Heartland Express (ticker: HTLD) during the quarter. The stock rallied to our valuation in anticipation of a trucking industry recovery.”
Heartland Express - June 2026
Listed in Riverwater Partners Micro Opportunities Strategy’s reported holdings.
Heartland Express - TrimmedPalm Valley CMMarch 2026
“The Fund’s top contributors in the first quarter were Chord Energy (ticker: CHRD), Heartland Express (ticker: HTLD), and Farmland Partners (ticker: FPI). Chord Energy is an exploration and production (E&P) company focused on the Williston Basin. Like many in the industry, its shares moved higher in March alongside rising oil prices. Operationally, the company continues to perform well, with production and cash flow exceeding expectations for most of 2025. Chord has also improved its cost structure by extending drilling laterals, which has lowered its oil break-even price and improved its competitiveness relative to other basins. With a conservative balance sheet (debt-to-EBITDA of approximately 0.6x) and another year of solid free cash flow expected, we believe Chord is well positioned to continue returning capital to shareholders through above-average dividends (current yield 3.7%) and ongoing share repurchases. While we’re optimistic about Chord’s future, we trimmed our position during the quarter as the stock price approached our estimated value of its oil reserves. Although the freight recession continues to pressure earnings, Heartland Express’s operating results are beginning to stabilize, with management noting initial signs of recovery in both shipment volumes and rates. Further improvements are expected in 2026 as the industry works through excess capacity, driven by fleet reductions and tighter regulatory enforcement that is reducing the supply of qualified drivers. In Top 10 Holdings (3/31/26) % Assets Amdocs 2.96% Rayonier 2.78% LKQ Corp 1.89% Kelly Services (Class A) 1.70% Teleflex 1.20% Heartland Express 1.14% Farmland Partners 1.04% Chord Energy 1.01% WH Group (ADR) 0.98% Reynolds Consumer Prod 0.90% Palm Valley Capital Fund (PVCMX) First Quarter 2026 Commentary www.palmvalleyfunds.com 888-224-PALM (7256) our opinion, the trucking cycle is in early stages of recovery, and we expect Heartland’s results will remain below our normalized estimate in 2026. While we’re encouraged by the improving industry outlook, we reduced our position during the quarter as the stock neared valuation.”
Heartland Express
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