ArcBest (NASDAQ:ARCB) Price Target Cut to $138.00

ArcBest (NASDAQ:ARCBGet Rating) had its target price lowered by analysts at Morgan Stanley from $139.00 to $138.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the transportation company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 75.48% from the company’s current price.

Several other research analysts also recently weighed in on ARCB. Credit Suisse Group upped their target price on shares of ArcBest from $87.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 2nd. began coverage on shares of ArcBest in a report on Wednesday, October 12th. They issued a “buy” rating on the stock. Finally, Citigroup cut their target price on shares of ArcBest from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, October 7th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $113.56.

ArcBest Trading Up 1.3 %

NASDAQ ARCB opened at $78.64 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.92 billion, a P/E ratio of 6.22, a P/E/G ratio of 0.37 and a beta of 1.56. ArcBest has a 12 month low of $65.15 and a 12 month high of $98.95. The stock’s fifty day moving average price is $76.94 and its 200-day moving average price is $78.22.

ArcBest (NASDAQ:ARCBGet Rating) last released its earnings results on Tuesday, November 1st. The transportation company reported $3.80 earnings per share for the quarter, beating the consensus estimate of $3.75 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. ArcBest had a return on equity of 35.11% and a net margin of 6.20%. ArcBest’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.59 earnings per share. As a group, equities analysts forecast that ArcBest will post 13.9 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Daniel E. Loe sold 7,555 shares of the stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $81.14, for a total value of $613,012.70. Following the sale, the insider now owns 26,615 shares of the company’s stock, valued at $2,159,541.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in shares of ArcBest by 40.8% during the second quarter. JPMorgan Chase & Co. now owns 453,651 shares of the transportation company’s stock worth $31,923,000 after acquiring an additional 131,550 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of ArcBest by 31.8% in the 1st quarter. Renaissance Technologies LLC now owns 357,739 shares of the transportation company’s stock worth $28,798,000 after buying an additional 86,400 shares during the period. Quantedge Capital Pte Ltd grew its position in shares of ArcBest by 1,034.2% during the 1st quarter. Quantedge Capital Pte Ltd now owns 86,200 shares of the transportation company’s stock worth $6,939,000 after buying an additional 78,600 shares in the last quarter. State Street Corp grew its position in shares of ArcBest by 6.3% during the 1st quarter. State Street Corp now owns 1,067,783 shares of the transportation company’s stock worth $85,957,000 after buying an additional 63,476 shares in the last quarter. Finally, Brandywine Global Investment Management LLC bought a new stake in shares of ArcBest in the second quarter valued at about $4,341,000. Institutional investors own 88.59% of the company’s stock.

About ArcBest

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ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

Further Reading

Analyst Recommendations for ArcBest (NASDAQ:ARCB)

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