Wall Street Zen Upgrades ArcBest (NASDAQ:ARCB) to Buy

Key Points

• Wall Street Zen upgraded ArcBest from “hold” to “buy,” adding to a generally positive analyst backdrop. The stock now has a consensus rating of “Moderate Buy” with an average price target of $123.42.
• Several other analysts recently raised their targets on ArcBest, including Citi, Morgan Stanley, Goldman Sachs, JPMorgan, and UBS, with targets ranging as high as $150.00.
• ArcBest reported solid quarterly results, posting EPS of $0.32 versus estimates of $0.27 and revenue of $998.79 million, with revenue up 3.3% year over year. Shares opened at $120.97, near the stock’s 52-week high of $135.10.

ArcBest (NASDAQ:ARCB - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted their price objective on ArcBest from $85.00 to $117.00 and gave the company a "neutral" rating in a research note on Wednesday, April 29th. Citigroup lifted their price objective on ArcBest from $122.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Morgan Stanley reiterated an "overweight" rating and set a $150.00 price objective on shares of ArcBest in a research note on Wednesday, April 29th. UBS Group raised their target price on ArcBest from $98.00 to $122.00 and gave the company a "neutral" rating in a research report on Wednesday, April 29th. Finally, The Goldman Sachs Group raised their target price on ArcBest from $102.00 to $117.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $123.42.

ArcBest Stock Performance

Shares of ARCB stock opened at $120.97 on Friday. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 49.78, a price-to-earnings-growth ratio of 0.66 and a beta of 1.55. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.95. The business has a fifty day moving average of $104.38 and a 200 day moving average of $89.21. ArcBest has a 1 year low of $59.43 and a 1 year high of $135.10.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. The business had revenue of $998.79 million during the quarter, compared to analyst estimates of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The company's revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. As a group, research analysts expect that ArcBest will post 5.29 earnings per share for the current year.

Institutional Investors Weigh In On ArcBest

Several institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in ArcBest by 8.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company's stock worth $175,000 after buying an additional 134 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in ArcBest by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company's stock worth $137,429,000 after buying an additional 47,848 shares during the last quarter. Heartland Advisors Inc. boosted its holdings in ArcBest by 83.3% in the 1st quarter. Heartland Advisors Inc. now owns 110,000 shares of the transportation company's stock worth $10,820,000 after buying an additional 50,000 shares during the last quarter. Bessemer Group Inc. boosted its holdings in ArcBest by 44.7% in the 1st quarter. Bessemer Group Inc. now owns 64,931 shares of the transportation company's stock worth $6,387,000 after buying an additional 20,073 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in ArcBest by 19.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 12,858 shares of the transportation company's stock worth $1,265,000 after buying an additional 2,134 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.

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