ArcBest (NASDAQ:ARCB – Get Free Report) had its price objective reduced by investment analysts at Stifel Nicolaus from $102.00 to $83.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the transportation company’s stock. Stifel Nicolaus’ price target points to a potential upside of 43.57% from the stock’s current price.
Several other research analysts have also recently commented on ARCB. Stephens reiterated an “overweight” rating and issued a $116.00 price target on shares of ArcBest in a research note on Tuesday, March 11th. The Goldman Sachs Group cut their target price on ArcBest from $108.00 to $97.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Citigroup reduced their target price on ArcBest from $83.00 to $66.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. TD Cowen dropped their price target on shares of ArcBest from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, UBS Group decreased their price objective on shares of ArcBest from $100.00 to $64.00 and set a “neutral” rating for the company in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $88.75.
Check Out Our Latest Stock Analysis on ARCB
ArcBest Stock Down 1.2 %
ArcBest (NASDAQ:ARCB – Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $990.03 million. During the same period in the previous year, the business posted $1.34 earnings per share. ArcBest’s revenue for the quarter was down 6.7% on a year-over-year basis. As a group, analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CFO John Matthew Beasley acquired 700 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the acquisition, the chief financial officer now owns 8,142 shares in the company, valued at approximately $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.28% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in ARCB. Blue Trust Inc. lifted its position in shares of ArcBest by 146.3% in the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock valued at $28,000 after acquiring an additional 177 shares in the last quarter. CWM LLC raised its stake in ArcBest by 338.8% during the 1st quarter. CWM LLC now owns 452 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 349 shares during the period. R Squared Ltd purchased a new stake in shares of ArcBest in the fourth quarter valued at $40,000. Smartleaf Asset Management LLC boosted its position in shares of ArcBest by 471.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock worth $51,000 after buying an additional 453 shares during the period. Finally, Curat Global LLC purchased a new position in shares of ArcBest during the first quarter valued at $82,000. 99.27% of the stock is owned by hedge funds and other institutional investors.
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.
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