Bank of America Lowers ArcBest (NASDAQ:ARCB) Price Target to $63.00

ArcBest (NASDAQ:ARCB) had its price target lowered by research analysts at Bank of America from $67.00 to $63.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s target price indicates a potential downside of 11.14% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Citigroup lowered their price objective on shares of ArcBest from $83.00 to $66.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Truist Financial lowered their price objective on shares of ArcBest from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of ArcBest from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Stifel Nicolaus lowered their price objective on shares of ArcBest from $102.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Finally, TD Cowen lowered their price objective on shares of ArcBest from $80.00 to $72.00 and set a “hold” rating on the stock in a research note on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $90.25.

ArcBest Stock Performance

Shares of NASDAQ ARCB opened at $70.90 on Monday. The firm’s 50-day moving average price is $63.11 and its 200-day moving average price is $81.75. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.62 billion, a PE ratio of 9.67, a PEG ratio of 1.70 and a beta of 1.68. ArcBest has a 52-week low of $55.19 and a 52-week high of $129.83.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The business had revenue of $967.08 million during the quarter, compared to the consensus estimate of $990.03 million. During the same quarter last year, the company earned $1.34 EPS. ArcBest’s revenue for the quarter was down 6.7% on a year-over-year basis. As a group, analysts anticipate that ArcBest will post 7 EPS for the current year.

Insider Activity

In other ArcBest news, CFO John Matthew Beasley bought 700 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $74.89 per share, with a total value 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio purchased a new position in ArcBest during the first quarter worth $473,000. Intech Investment Management LLC boosted its stake in ArcBest by 3.4% during the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock worth $1,421,000 after buying an additional 655 shares during the period. Jane Street Group LLC boosted its stake in ArcBest by 278.2% during the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after buying an additional 33,537 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after buying an additional 104,643 shares during the period. Finally, Zimmer Partners LP boosted its stake in ArcBest by 33.3% during the first quarter. Zimmer Partners LP now owns 140,000 shares of the transportation company’s stock worth $9,881,000 after buying an additional 35,000 shares during the period. 99.27% of the stock is owned by hedge funds and other institutional investors.

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.