Bank of America Cuts ArcBest (NASDAQ:ARCB) Price Target to $73.00

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

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

ArcBest Price Performance

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

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same period last year, the business earned $2.47 EPS. As a group, equities research analysts anticipate that ArcBest will post 7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in ArcBest in the 4th quarter valued at about $2,994,000. Mackenzie Financial Corp boosted its holdings in ArcBest by 71.0% in the fourth quarter. Mackenzie Financial Corp now owns 15,449 shares of the transportation company’s stock valued at $1,442,000 after purchasing an additional 6,412 shares during the period. Public Employees Retirement System of Ohio raised its position in ArcBest by 3.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 35,270 shares of the transportation company’s stock valued at $3,291,000 after purchasing an additional 1,146 shares in the last quarter. Zimmer Partners LP lifted its stake in ArcBest by 23.5% in the fourth quarter. Zimmer Partners LP now owns 105,000 shares of the transportation company’s stock worth $9,799,000 after acquiring an additional 20,000 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its stake in shares of ArcBest by 2.6% during the fourth quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock worth $59,338,000 after purchasing an additional 16,239 shares in the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

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.