ArcBest (NASDAQ:ARCB) Given New $72.00 Price Target at TD Cowen

ArcBest (NASDAQ:ARCB - Get Free Report) had its target price cut by research analysts at TD Cowen from $80.00 to $72.00 in a report issued on Wednesday, MarketBeat Ratings reports. The firm presently has a "hold" rating on the transportation company's stock. TD Cowen's price target would indicate a potential upside of 16.46% from the company's current price.

Several other research firms also recently weighed in on ARCB. Truist Financial dropped their target price on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. The Goldman Sachs Group cut their price objective on shares of ArcBest from $108.00 to $97.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Stephens reaffirmed an "overweight" rating and issued a $116.00 price target on shares of ArcBest in a report on Tuesday, March 11th. Citigroup decreased their price objective on ArcBest from $83.00 to $66.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company dropped their target price on ArcBest from $96.00 to $80.00 and set an "equal weight" rating on the stock in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $88.75.

ArcBest Stock Down 0.3 %

NASDAQ ARCB traded down $0.19 on Wednesday, hitting $61.83. The stock had a trading volume of 77,583 shares, compared to its average volume of 300,553. ArcBest has a 52-week low of $55.19 and a 52-week high of $129.83. The business's fifty day moving average price is $68.08 and its 200 day moving average price is $89.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 8.43, a price-to-earnings-growth ratio of 1.70 and a beta of 1.70.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS 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 business had revenue of $967.08 million during the quarter, compared to analysts' expectations of $990.03 million. During the same quarter last year, the business posted $1.34 earnings per share. The company's quarterly revenue was down 6.7% compared to the same quarter last year. Equities research analysts anticipate that ArcBest will post 7 earnings per share for the current year.

Insider Buying and Selling at ArcBest

In other ArcBest news, CFO John Matthew Beasley purchased 700 shares of the firm's stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $74.89 per share, with a total value of $52,423.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.28% of the company's stock.

Institutional Trading of ArcBest

A number of hedge funds have recently bought and sold shares of ARCB. JPMorgan Chase & Co. grew its position in shares of ArcBest by 24.6% in the third quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company's stock valued at $24,022,000 after purchasing an additional 43,707 shares in the last quarter. Barclays PLC lifted its stake in ArcBest by 342.5% during the third quarter. Barclays PLC now owns 43,134 shares of the transportation company's stock worth $4,678,000 after purchasing an additional 33,386 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of ArcBest by 6.0% during the fourth quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company's stock worth $21,709,000 after buying an additional 13,152 shares during the period. Sanctuary Advisors LLC increased its stake in ArcBest by 7.4% during the fourth quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company's stock worth $419,000 after purchasing an additional 306 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in ArcBest by 41.5% in the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company's stock valued at $298,000 after buying an additional 935 shares during the period. Institutional investors and hedge funds 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.