TD Cowen Increases ArcBest (NASDAQ:ARCB) Price Target to $97.00

ArcBest (NASDAQ:ARCB) had its price target upped by equities researchers at TD Cowen from $64.00 to $97.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “hold” rating on the transportation company’s stock. TD Cowen’s price objective points to a potential upside of 10.77% from the company’s current price.

Several other equities analysts have also issued reports on the company. Zacks Research raised ArcBest from a “strong sell” rating to a “hold” rating in a report on Monday, January 5th. Cowen restated a “hold” rating on shares of ArcBest in a research note on Friday. Bank of America boosted their price objective on ArcBest from $72.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, December 23rd. Citigroup increased their price objective on ArcBest from $83.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Stephens set a $85.00 target price on shares of ArcBest in a report on Tuesday. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $91.58.

ArcBest Stock Performance

Shares of ArcBest stock opened at $87.57 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. ArcBest has a 52 week low of $55.19 and a 52 week high of $103.63. The firm’s 50 day moving average is $71.81 and its two-hundred day moving average is $73.72. The firm has a market capitalization of $1.97 billion, a P/E ratio of 20.80, a P/E/G ratio of 10.14 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Wednesday, November 5th. The transportation company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.09. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the business posted $1.64 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. Research analysts forecast that ArcBest will post 7 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcBest

A number of large investors have recently bought and sold shares of ARCB. Johnson Investment Counsel Inc. purchased a new stake in shares of ArcBest in the third quarter valued at about $28,000. Farther Finance Advisors LLC boosted its holdings in ArcBest by 433.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after purchasing an additional 312 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in ArcBest by 26.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock valued at $47,000 after purchasing an additional 143 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in ArcBest during the 2nd quarter worth approximately $51,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of ArcBest during the 2nd quarter worth approximately $85,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.