Bank of America Lowers ArcBest (NASDAQ:ARCB) Price Target to $72.00

ArcBest (NASDAQ:ARCB) had its target price decreased by equities research analysts at Bank of America from $73.00 to $72.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the transportation company’s stock. Bank of America‘s target price would suggest a potential upside of 4.93% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. UBS Group reduced their price objective on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Cowen restated a “hold” rating on shares of ArcBest in a report on Wednesday, October 1st. Stephens downgraded ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 target price on the stock. in a report on Thursday, November 6th. Finally, TD Cowen decreased their price target on ArcBest from $67.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $85.00.

ArcBest Price Performance

Shares of ARCB opened at $68.62 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.54 billion, a PE ratio of 16.30, a PEG ratio of 8.15 and a beta of 1.52. ArcBest has a 12-month low of $55.19 and a 12-month high of $113.74. The business has a 50-day simple moving average of $69.15 and a two-hundred day simple moving average of $71.59.

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

Institutional Investors Weigh In On ArcBest

Several large investors have recently added to or reduced their stakes in ARCB. CIBC Private Wealth Group LLC lifted its stake in ArcBest by 39.5% in the third quarter. CIBC Private Wealth Group LLC now owns 3,749 shares of the transportation company’s stock valued at $262,000 after buying an additional 1,062 shares during the period. CIBC Bancorp USA Inc. bought a new stake in shares of ArcBest in the 3rd quarter valued at $439,000. Jacobs Levy Equity Management Inc. increased its stake in shares of ArcBest by 4.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company’s stock valued at $36,394,000 after acquiring an additional 24,102 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of ArcBest by 8.8% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 24,097 shares of the transportation company’s stock valued at $1,673,000 after acquiring an additional 1,955 shares during the period. Finally, Woodline Partners LP bought a new position in ArcBest during the third quarter worth $1,807,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Company Profile

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.