ArcBest (NASDAQ:ARCB) Price Target Cut to $73.00 by Analysts at Bank of America

ArcBest (NASDAQ:ARCB) had its price target cut by stock analysts at Bank of America from $100.00 to $73.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s price objective points to a potential downside of 0.45% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus boosted their price objective on shares of ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Wells Fargo & Company cut their price objective on ArcBest from $105.00 to $96.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Citigroup decreased their target price on ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday. Morgan Stanley dropped their target price on ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, UBS Group decreased their price target on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $111.27.

ArcBest Trading Down 1.2 %

Shares of ARCB stock opened at $73.33 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. ArcBest has a 1-year low of $71.57 and a 1-year high of $153.61. The business’s fifty day moving average price is $91.23 and its 200 day moving average price is $100.65. The firm has a market capitalization of $1.70 billion, a PE ratio of 10.00, a P/E/G ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same quarter in the prior year, the company posted $2.47 earnings per share. As a group, sell-side analysts forecast that ArcBest will post 7 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcBest

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of ArcBest by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock worth $258,601,000 after acquiring an additional 20,665 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in ArcBest by 9.4% in the fourth quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock worth $240,011,000 after purchasing an additional 220,325 shares during the period. State Street Corp increased its stake in ArcBest by 1.9% during the third quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after purchasing an additional 17,542 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of ArcBest by 2.6% in the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock valued at $59,338,000 after buying an additional 16,239 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of ArcBest by 16.3% in the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after buying an additional 86,867 shares during the period. Institutional investors own 99.27% of the company’s stock.

About ArcBest

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.