Bank of America Raises ArcBest (NASDAQ:ARCB) Price Target to $67.00

ArcBest (NASDAQ:ARCB) had its target price hoisted by Bank of America from $58.00 to $67.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s price target points to a potential upside of 0.10% from the company’s current price.

Several other equities analysts have also weighed in on the company. Stifel Nicolaus reduced their price objective on ArcBest from $102.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. TD Cowen cut their price target on ArcBest from $80.00 to $72.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Wells Fargo & Company cut their price target on ArcBest from $80.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, April 30th. Citigroup cut their price target on ArcBest from $83.00 to $66.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Finally, The Goldman Sachs Group cut their price target on ArcBest from $97.00 to $84.00 and set a “neutral” rating for the company in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $88.25.

ArcBest Price Performance

Shares of ARCB opened at $66.93 on Friday. The business has a 50-day simple moving average of $65.82 and a two-hundred day simple moving average of $87.18. ArcBest has a 12-month low of $55.19 and a 12-month high of $129.83. The stock has a market cap of $1.53 billion, a PE ratio of 9.13, a PEG ratio of 1.70 and a beta of 1.70. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a net margin of 4.16% and a return on equity of 11.79%. The firm had revenue of $967.08 million for the quarter, compared to the consensus estimate of $990.03 million. During the same period last year, the company posted $1.34 earnings per share. ArcBest’s revenue for the quarter was down 6.7% on a year-over-year basis. Analysts anticipate that ArcBest will post 7 earnings per share for the current fiscal year.

Insider Activity at ArcBest

In other news, CFO John Matthew Beasley purchased 700 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $74.89 per share, with a total value of $52,423.00. Following the completion of the purchase, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. This trade represents a 9.41% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ArcBest

Hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its stake in ArcBest by 477.6% during the first quarter. Signaturefd LLC now owns 387 shares of the transportation company’s stock worth $27,000 after purchasing an additional 320 shares during the last quarter. Blue Trust Inc. lifted its stake in ArcBest by 146.3% during the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after purchasing an additional 177 shares during the last quarter. CWM LLC lifted its stake in ArcBest by 338.8% during the first quarter. CWM LLC now owns 452 shares of the transportation company’s stock worth $32,000 after purchasing an additional 349 shares during the last quarter. R Squared Ltd bought a new stake in ArcBest during the fourth quarter worth about $40,000. Finally, Smartleaf Asset Management LLC lifted its stake in ArcBest by 471.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock worth $51,000 after purchasing an additional 453 shares during the last quarter. Institutional investors own 99.27% of the company’s stock.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.