ArcBest (NASDAQ:ARCB) Given New $63.00 Price Target at Bank of America

ArcBest (NASDAQ:ARCB - Get Free Report) had its price objective cut by research analysts at Bank of America from $67.00 to $63.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "underperform" rating on the transportation company's stock. Bank of America's price objective would suggest a potential downside of 5.05% from the stock's previous close.

A number of other equities research analysts have also issued reports on the stock. The Goldman Sachs Group upgraded shares of ArcBest from a "neutral" rating to a "buy" rating and upped their target price for the company from $84.00 to $101.00 in a research note on Monday, June 2nd. Wall Street Zen raised shares of ArcBest from a "sell" rating to a "hold" rating in a report on Friday, May 9th. TD Cowen reduced their price objective on ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Wells Fargo & Company dropped their price objective on shares of ArcBest from $80.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Finally, Truist Financial decreased their target price on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $89.33.

ArcBest Stock Up 4.2%

NASDAQ ARCB traded up $2.65 during trading hours on Monday, hitting $66.35. The company had a trading volume of 152,534 shares, compared to its average volume of 307,800. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 9.05, a P/E/G ratio of 1.70 and a beta of 1.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. ArcBest has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. The firm's 50 day moving average is $63.08 and its 200 day moving average is $82.13.

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. Sell-side analysts anticipate that ArcBest will post 7 earnings per share for the current fiscal year.

Insider Buying and Selling at ArcBest

In related news, CFO John Matthew Beasley purchased 700 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now owns 8,142 shares in the company, valued at $609,754.38. This trade represents a 9.41% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.28% of the company's stock.

Institutional Investors Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. Nuveen LLC purchased a new position in shares of ArcBest during the 1st quarter valued at $18,460,000. Westwood Holdings Group Inc. increased its position in ArcBest by 36.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock worth $61,353,000 after purchasing an additional 233,409 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of ArcBest by 9.4% during the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company's stock worth $240,011,000 after purchasing an additional 220,325 shares in the last quarter. Ancora Advisors LLC lifted its holdings in shares of ArcBest by 1,812.9% during the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company's stock valued at $14,440,000 after buying an additional 193,892 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new stake in shares of ArcBest during the 1st quarter valued at about $9,202,000. Hedge funds and other institutional investors 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.

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