No, they're quite distinct. As a movement, libertarianism rejects the need for a philosophical foundation for liberty, instead taking the non-initiation of force principle as axiomatic. Objectivism, in contrast, recognizes that liberty requires a solid philosophic foundation.
For more details, read these two essays:
Of course, many people who describe themselves as "libertarian" today mean that in a very loose sense: they're socially liberal and fiscally conservative. To be an Objectivist, in contrast, means something quite distinctive, not just in politics, but in every branch of philosophy.
answered Sep 13 '10 at 15:53
Diana Hsieh ♦