ArcBest (NASDAQ:ARCB) Price Target Lowered to $170.00 at Morgan Stanley

ArcBest (NASDAQ:ARCB) had its price target cut by equities researchers at Morgan Stanley from $175.00 to $170.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the transportation company’s stock. Morgan Stanley’s target price would indicate a potential upside of 63.30% from the company’s previous close.

Other equities analysts have also issued reports about the stock. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. Wolfe Research cut ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Stephens reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of ArcBest in a research note on Wednesday, September 4th. TD Cowen lowered ArcBest from a “buy” rating to a “hold” rating and decreased their target price for the stock from $131.00 to $114.00 in a research note on Monday, October 14th. Finally, Citigroup initiated coverage on ArcBest in a research report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 target price for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $123.17.

ArcBest Stock Up 3.5 %

Shares of NASDAQ ARCB opened at $104.10 on Monday. ArcBest has a 1 year low of $94.76 and a 1 year high of $153.60. The company has a market capitalization of $2.46 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.31 and a beta of 1.47. The company has a 50 day simple moving average of $104.48 and a 200-day simple moving average of $109.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.19.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the previous year, the business posted $2.31 earnings per share. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, equities research analysts predict that ArcBest will post 6.89 earnings per share for the current year.

Insider Buying and Selling

In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now owns 3,650 shares in the company, valued at $379,344.50. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.18% of the stock is owned by company insiders.

Institutional Trading of ArcBest

Hedge funds have recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. raised its stake in shares of ArcBest by 34.7% during the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after purchasing an additional 150,467 shares during the last quarter. American Century Companies Inc. raised its position in ArcBest by 4.0% during the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock worth $56,267,000 after buying an additional 20,115 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of ArcBest by 158.7% in the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after acquiring an additional 117,774 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of ArcBest by 0.8% in the second quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company’s stock valued at $16,141,000 after acquiring an additional 1,214 shares in the last quarter. Finally, FAS Wealth Partners Inc. increased its stake in shares of ArcBest by 86.3% during the second quarter. FAS Wealth Partners Inc. now owns 80,050 shares of the transportation company’s stock worth $8,572,000 after acquiring an additional 37,073 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

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.