Transportation and Automotive Sector Ideas

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Old Dominion - >>> 3 Top Trucking Stocks Under Heavy Accumulation


FX Empire

by Lucas Downey

February 6, 2023


https://finance.yahoo.com/news/3-top-trucking-stocks-under-130904222.html


Here are three companies under heavy accumulation.


Old Dominion Freight Line Inc. (ODFL) Analysis

First is the less-than-truckload hauler Old Dominion Freight Line (ODFL). The trucking stock is up 30% in 2023.

Healthy institutional accumulation has likely helped lift the shares higher, which you can see via the MAPsignals chart below. Since November there’ve been 6 unusually large volume inflows (green bars):

With a 12-month forward P/E of 30.8, shares could be attractive after a pullback. According to FactSet, the company is estimated to earn $13.30 per share in fiscal year 2024.

One thing is for sure, the shares have been in demand lately.


Knight-Swift Transportation Holdings Inc. (KNX) Analysis

Next up is Knight-Swift Transportation (KNX) which is another trucking company that operates in 3 segments: trucking, logistics, and intermodal. At MAPsignals, we believe in following large institutional flows. With the stock gaining 18% in 2023, we believe healthy accumulation is part of the story.

Since late November there’ve been 8 days where the stock jumped in price alongside outsized volumes. That can mean there’s institutional interest:

The 12-month forward P/E is pegged at 15.2X according to FactSet. Also, the company is expected to earn $4.64 per share in fiscal year 2024.

This unusual trading action suggests investors are expecting upside for the company in 2023.


Schneider National Inc. (SNDR) Analysis

The number 3 trucking firm racing higher this year is Schneider National (SNDR). This company provides transportation and logistics services. The market cap is just over $5.2 billion.

The stock has been an outperformer recently, jumping 26% in 2023. Notably, the shares have seen 4 large accumulation signals since November:

There’s no question the stock could be extended at these levels. However, this is one of the most in-demand trucking stocks according to MAPsignals research.

Strong sector leadership could mean there’s more upside for the group in 2023.

Bottom Line

ODFL, KNX, & SNDR represent 3 of the top trucking stocks so far in 2023. Healthy institutional accumulation signals make these stocks worthy of extra attention.

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