Bank of America Boosts ArcBest (NASDAQ:ARCB) Price Target to $112.00

ArcBest (NASDAQ:ARCB) had its price objective boosted by Bank of America from $110.00 to $112.00 in a research note released on Monday morning, Benzinga reports. Bank of America currently has an underperform rating on the transportation company’s stock.

Several other research analysts have also commented on the stock. JPMorgan Chase & Co. lowered shares of ArcBest from an overweight rating to a neutral rating and reduced their price objective for the stock from $145.00 to $127.00 in a research note on Tuesday, July 9th. Wells Fargo & Company initiated coverage on shares of ArcBest in a report on Friday, June 7th. They issued an overweight rating and a $140.00 price objective on the stock. Morgan Stanley dropped their price target on shares of ArcBest from $180.00 to $176.00 and set an overweight rating on the stock in a research report on Monday, July 8th. StockNews.com downgraded shares of ArcBest from a buy rating to a hold rating in a report on Thursday, May 2nd. Finally, Stifel Nicolaus decreased their price target on shares of ArcBest from $159.00 to $150.00 and set a buy rating on the stock in a research note on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $143.85.

ArcBest Stock Up 6.6 %

Shares of ARCB stock opened at $124.48 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 25.05, a PEG ratio of 0.95 and a beta of 1.48. The company’s fifty day moving average price is $109.16 and its 200-day moving average price is $124.25. ArcBest has a one year low of $86.93 and a one year high of $153.60.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, April 30th. The transportation company reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). ArcBest had a return on equity of 15.27% and a net margin of 2.80%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the business earned $1.58 earnings per share. The business’s quarterly revenue was down 6.3% on a year-over-year basis. Sell-side analysts expect that ArcBest will post 8.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ARCB. Wellington Management Group LLP acquired a new position in shares of ArcBest in the third quarter valued at approximately $10,561,000. Norges Bank acquired a new position in ArcBest during the 4th quarter worth approximately $9,298,000. Zimmer Partners LP acquired a new position in ArcBest during the 1st quarter worth approximately $7,838,000. The Manufacturers Life Insurance Company grew its holdings in ArcBest by 20.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock worth $18,629,000 after acquiring an additional 26,411 shares in the last quarter. Finally, Lisanti Capital Growth LLC acquired a new position in ArcBest during the 1st quarter worth approximately $3,524,000. 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.