ArcBest (NASDAQ:ARCB) Now Covered by Citizens Jmp

Investment analysts at Citizens Jmp began coverage on shares of ArcBest (NASDAQ:ARCB) in a research note issued on Wednesday,Benzinga reports. The firm set a “market outperform” rating and a $180.00 price target on the transportation company’s stock. Citizens Jmp’s price target suggests a potential upside of 18.75% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. TD Cowen increased their target price on shares of ArcBest from $137.00 to $175.00 and gave the company a “hold” rating in a research report on Tuesday, June 9th. Truist Financial lifted their price target on shares of ArcBest from $95.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Citigroup started coverage on ArcBest in a research report on Wednesday. They set a “market outperform” rating on the stock. Weiss Ratings lowered ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 28th. Finally, JPMorgan Chase & Co. raised their price objective on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $150.31.

ArcBest Stock Performance

Shares of ArcBest stock opened at $151.58 on Wednesday. The company has a market capitalization of $3.37 billion, a PE ratio of 62.38, a P/E/G ratio of 0.65 and a beta of 1.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day simple moving average of $140.58 and a two-hundred day simple moving average of $113.23. ArcBest has a one year low of $59.43 and a one year high of $176.69.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The business had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. During the same period last year, the business earned $0.51 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. Research analysts expect that ArcBest will post 6.11 EPS for the current fiscal year.

Institutional Trading of ArcBest

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of ArcBest by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock worth $181,852,000 after buying an additional 6,808 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of ArcBest by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after buying an additional 47,848 shares during the last quarter. Invesco Ltd. increased its position in shares of ArcBest by 625.4% in the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock valued at $68,292,000 after acquiring an additional 793,607 shares during the period. Turtle Creek Asset Management Inc. acquired a new position in shares of ArcBest in the 3rd quarter valued at $39,508,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in ArcBest by 4.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company’s stock worth $36,394,000 after acquiring an additional 24,102 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.