Bank of America Has Lowered Expectations for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its target price lowered by analysts at Bank of America from $67.00 to $63.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the transportation company’s stock. Bank of America‘s price target indicates a potential downside of 5.05% from the company’s previous close.

Several other research analysts have also issued reports on the stock. UBS Group lowered their price target on shares of ArcBest from $100.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Jefferies Financial Group lowered their target price on shares of ArcBest from $120.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Stephens reissued an “overweight” rating and issued a $116.00 price target on shares of ArcBest in a research note on Tuesday, March 11th. Stifel Nicolaus decreased their price objective on ArcBest from $102.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Finally, TD Cowen reduced their target price on ArcBest from $80.00 to $72.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $89.33.

ArcBest Price Performance

ARCB stock traded up $2.65 during trading on Monday, hitting $66.35. 152,534 shares of the stock traded hands, compared to its average volume of 307,800. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 9.05, a P/E/G ratio of 1.70 and a beta of 1.68. The company has a 50 day simple moving average of $63.08 and a 200 day simple moving average of $82.13. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. ArcBest has a one year low of $55.19 and a one year high of $129.83.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. The company’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.34 EPS. Equities analysts expect that ArcBest will post 7 EPS for the current fiscal year.

Insider Buying and Selling

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. This trade represents a 9.41% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in ArcBest by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock worth $258,601,000 after buying an additional 20,665 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of ArcBest by 3.6% in the first quarter. Alliancebernstein L.P. now owns 2,664,431 shares of the transportation company’s stock valued at $188,056,000 after acquiring an additional 92,514 shares during the last quarter. Westwood Holdings Group Inc. raised its holdings in ArcBest by 36.7% during the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock worth $61,353,000 after acquiring an additional 233,409 shares in the last quarter. American Century Companies Inc. boosted its position in ArcBest by 11.5% during the first quarter. American Century Companies Inc. now owns 689,895 shares of the transportation company’s stock valued at $48,693,000 after purchasing an additional 70,976 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in ArcBest by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 436,921 shares of the transportation company’s stock valued at $30,838,000 after purchasing an additional 10,766 shares during the last quarter. 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.