ArcBest (NASDAQ:ARCB) Price Target Cut to $131.00 by Analysts at TD Cowen

ArcBest (NASDAQ:ARCB) had its price target cut by research analysts at TD Cowen from $136.00 to $131.00 in a note issued to investors on Thursday, MarketBeat reports. The firm currently has a “buy” rating on the transportation company’s stock. TD Cowen’s price target would suggest a potential upside of 32.19% from the stock’s current price.

A number of other analysts have also commented on the company. Stephens reiterated an “overweight” rating and issued a $130.00 price objective on shares of ArcBest in a research report on Wednesday. Bank of America lowered their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research report on Wednesday. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Morgan Stanley lowered their target price on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Monday, July 8th. Finally, JPMorgan Chase & Co. raised their price target on ArcBest from $127.00 to $134.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.18.

ArcBest Stock Performance

Shares of NASDAQ:ARCB opened at $99.10 on Thursday. The business has a fifty day moving average of $110.74 and a 200-day moving average of $120.57. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19. ArcBest has a twelve month low of $86.93 and a twelve month high of $153.60. The firm has a market cap of $2.32 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 1.17 and a beta of 1.48.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business posted $1.54 EPS. The company’s revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts predict that ArcBest will post 7.39 EPS for the current fiscal year.

Insider Activity

In other ArcBest news, Director Salvatore A. Abbate bought 1,000 shares of ArcBest stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Westwood Holdings Group Inc. boosted its holdings in shares of ArcBest by 34.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after buying an additional 150,467 shares during the last quarter. Marshall Wace LLP increased its holdings in ArcBest by 158.7% during the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after buying an additional 117,774 shares during the last quarter. Norges Bank bought a new stake in ArcBest during the fourth quarter worth $9,298,000. Emerald Advisers LLC acquired a new stake in ArcBest in the second quarter valued at $6,812,000. Finally, Mutual of America Capital Management LLC grew its position in shares of ArcBest by 1,455.0% in the 2nd quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock valued at $6,789,000 after acquiring an additional 59,322 shares during the period. 99.27% of the stock is currently owned by institutional investors.

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.