11 Best Buy-the-Dip Stocks to Buy Now

2. Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Closing Price as on April 28: $149.0

52-week Low: $144.9

Number of Hedge Fund Holders: 50

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) operates as a less-than-truckload motor carrier.  Stephens analyst Daniel Imbro gave the price objective of $180, and kept an “Overweight” rating on the company’s stock. As per the analyst, Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s excess capacity places it better as compared to the competitors to capture share via an upcycle. Elsewhere, TD Cowen analyst Jason Seidl reiterated the neutral stance on the company’s stock, giving a “Hold” rating on April 9.

As per this analyst, the company’s Q1 EPS exceeded expectations, demonstrating some operational strengths. Notably, in Q1 2025, it posted diluted EPS of $1.19. Even though the company has started to gain market share and expects a pivot from truckload to less-than-truckload freight, such benefits can be overshadowed by the broader economic headwinds, opines Seidl. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) spent $1.5 billion on capital expenditures over the past 2 fiscal years. Therefore, it has sufficient capacity within its service center network to accommodate future growth because of such ongoing investments. Therefore, the company expects that its capital expenditures will total ~$450 million in 2025, which is a $125 million reduction from its initial plan.

Conestoga Capital Advisors, an asset management company, released its Q4 2024 investor letter. Here is what the fund said:

“Based in Thomasville, NC, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is one of the country’s largest less-than-truckload (LTL) carriers, an industry which has high barriers to entry. The company generated industry leading profit margins because of the durable competitive advantages it has created over decades including a balanced network and superior service. The freight industry is coming off a two plus year volume recession and we anticipate ODFL will resume its historical cadence of share gains in the next freight upcycle.”