TD Cowen Increases ArcBest (NASDAQ:ARCB) Price Target to $97.00

ArcBest (NASDAQ:ARCB) had its target price upped by equities researchers at TD Cowen from $64.00 to $97.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the transportation company’s stock. TD Cowen’s target price indicates a potential upside of 10.62% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Citigroup increased their price objective on ArcBest from $83.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday. Cowen reissued a “hold” rating on shares of ArcBest in a research report on Friday. Bank of America raised their price target on ArcBest from $72.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, December 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a report on Wednesday, October 8th. Finally, Stephens set a $85.00 target price on shares of ArcBest in a report on Tuesday. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $91.58.

ArcBest Trading Up 1.1%

ARCB stock traded up $0.95 during trading on Friday, hitting $87.69. The company had a trading volume of 226,010 shares, compared to its average volume of 353,641. ArcBest has a 52-week low of $55.19 and a 52-week high of $103.63. The company has a 50 day simple moving average of $71.55 and a 200-day simple moving average of $73.61. The firm has a market capitalization of $1.97 billion, a P/E ratio of 20.83, a PEG ratio of 9.67 and a beta of 1.51. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.04 billion. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.64 EPS. As a group, research analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Turtle Creek Asset Management Inc. purchased a new position in ArcBest in the third quarter worth $39,508,000. Ameriprise Financial Inc. boosted its position in shares of ArcBest by 158.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after purchasing an additional 300,642 shares in the last quarter. Two Sigma Investments LP grew its stake in ArcBest by 145.9% during the 3rd quarter. Two Sigma Investments LP now owns 281,803 shares of the transportation company’s stock worth $19,690,000 after buying an additional 167,200 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in ArcBest during the 2nd quarter worth $12,657,000. Finally, Wasatch Advisors LP acquired a new position in ArcBest during the 3rd quarter valued at about $8,766,000. 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.