Bank of America Lowers ArcBest (NASDAQ:ARCB) Price Target to $110.00

ArcBest (NASDAQ:ARCB) had its price objective decreased by investment analysts at Bank of America from $143.00 to $110.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s target price indicates a potential downside of 0.30% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of ArcBest from $133.00 to $149.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of ArcBest in a research report on Monday, January 29th. They issued a “buy” rating and a $148.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on shares of ArcBest from $164.00 to $145.00 and set an “overweight” rating on the stock in a research report on Wednesday. TD Cowen reduced their price objective on shares of ArcBest from $177.00 to $148.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, UBS Group reduced their price objective on shares of ArcBest from $150.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $143.38.

ArcBest Price Performance

ARCB stock traded down $0.58 during mid-day trading on Wednesday, hitting $110.33. The company had a trading volume of 202,725 shares, compared to its average volume of 313,312. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 0.56 and a beta of 1.49. ArcBest has a 12-month low of $82.18 and a 12-month high of $153.60. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $139.19 and a 200 day moving average price of $125.72.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.19). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.58 earnings per share. On average, research analysts anticipate that ArcBest will post 10.05 earnings per share for the current year.

Insider Activity

In other news, insider Erin K. Gattis sold 2,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $141.58, for a total transaction of $283,160.00. Following the transaction, the insider now directly owns 32,247 shares in the company, valued at $4,565,530.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in ArcBest by 49.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Contravisory Investment Management Inc. lifted its position in ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 78 shares during the last quarter. Horrell Capital Management Inc. lifted its position in ArcBest by 0.3% during the fourth quarter. Horrell Capital Management Inc. now owns 29,224 shares of the transportation company’s stock valued at $3,513,000 after acquiring an additional 94 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in ArcBest by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 7,572 shares of the transportation company’s stock valued at $910,000 after acquiring an additional 96 shares during the last quarter. Finally, 1492 Capital Management LLC lifted its position in ArcBest by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 10,605 shares of the transportation company’s stock valued at $1,275,000 after acquiring an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

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.