ArcBest (NASDAQ:ARCB) Price Target Raised to $95.00 at Truist Financial

ArcBest (NASDAQ:ARCB) had its target price increased by research analysts at Truist Financial from $85.00 to $95.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the transportation company’s stock. Truist Financial’s price objective would suggest a potential upside of 5.66% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company dropped their target price on shares of ArcBest from $80.00 to $74.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Cowen restated a “hold” rating on shares of ArcBest in a research report on Friday, January 9th. Stephens set a $85.00 price objective on ArcBest in a report on Tuesday, January 6th. TD Cowen increased their target price on ArcBest from $64.00 to $97.00 and gave the stock a “hold” rating in a research note on Friday, January 9th. Finally, Stifel Nicolaus raised their target price on ArcBest from $73.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $92.00.

ArcBest Stock Up 2.7%

Shares of ARCB opened at $89.91 on Thursday. The company’s 50-day moving average price is $72.84 and its 200 day moving average price is $74.01. ArcBest has a 12-month low of $55.19 and a 12-month high of $103.63. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The firm has a market cap of $2.02 billion, a P/E ratio of 21.36, a price-to-earnings-growth ratio of 10.12 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Wednesday, November 5th. The transportation company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.09. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. ArcBest’s revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.64 earnings per share. On average, sell-side analysts forecast that ArcBest will post 7 earnings per share for the current year.

Institutional Investors Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its position in shares of ArcBest by 26.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after purchasing an additional 143 shares during the last quarter. Capital Advisors Inc. OK raised its stake in ArcBest by 3.4% in the third quarter. Capital Advisors Inc. OK now owns 4,375 shares of the transportation company’s stock valued at $306,000 after buying an additional 145 shares in the last quarter. GAMMA Investing LLC lifted its holdings in ArcBest by 11.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock worth $123,000 after buying an additional 168 shares during the last quarter. Rhumbline Advisers lifted its holdings in ArcBest by 0.3% during the 3rd quarter. Rhumbline Advisers now owns 69,115 shares of the transportation company’s stock worth $4,829,000 after buying an additional 180 shares during the last quarter. Finally, SummerHaven Investment Management LLC boosted its position in shares of ArcBest by 3.2% during the 2nd quarter. SummerHaven Investment Management LLC now owns 7,590 shares of the transportation company’s stock worth $585,000 after acquiring an additional 233 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.