ArcBest (NASDAQ:ARCB) Given New $119.00 Price Target at Stifel Nicolaus

ArcBest (NASDAQ:ARCB) had its target price reduced by analysts at Stifel Nicolaus from $131.00 to $119.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the transportation company’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 17.57% from the company’s current price.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $122.00 to $112.00 in a research note on Wednesday, September 4th. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. Bank of America decreased their price objective on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. Finally, Morgan Stanley cut their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $126.92.

ArcBest Stock Down 2.2 %

ARCB traded down $2.28 during trading on Monday, reaching $101.22. 21,549 shares of the stock traded hands, compared to its average volume of 285,797. The stock’s 50-day simple moving average is $105.54 and its two-hundred day simple moving average is $113.13. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. ArcBest has a fifty-two week low of $86.93 and a fifty-two week high of $153.60. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 20.45, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last posted its earnings results 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). The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. ArcBest’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the business earned $1.54 earnings per share. As a group, equities research analysts expect that ArcBest will post 7.06 EPS for the current year.

Insiders Place Their Bets

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now directly owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Several institutional investors and hedge funds have recently modified their holdings of the business. UniSuper Management Pty Ltd acquired a new position in shares of ArcBest in the first quarter valued at approximately $666,000. Inspire Investing LLC increased its holdings in ArcBest by 39.6% during the 1st quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after purchasing an additional 4,258 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of ArcBest by 9.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of ArcBest by 54.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock worth $2,945,000 after buying an additional 7,291 shares during the period. Finally, Kennedy Capital Management LLC boosted its position in shares of ArcBest by 235.3% during the first quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock worth $4,771,000 after buying an additional 23,497 shares during the period. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.