ArcBest (NASDAQ:ARCB) Coverage Initiated at Truist Financial

Research analysts at Truist Financial began coverage on shares of ArcBest (NASDAQ:ARCB) in a research note issued on Thursday, Marketbeat reports. The brokerage set a “buy” rating and a $93.00 price target on the transportation company’s stock. Truist Financial’s price objective would indicate a potential upside of 26.79% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Morgan Stanley lowered their price objective on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Citigroup lowered their price objective on shares of ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research note on Tuesday. Stifel Nicolaus upped 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. Stephens reaffirmed an “overweight” rating and set a $116.00 price objective on shares of ArcBest in a research note on Tuesday. Finally, Bank of America lowered their price objective on shares of ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research note on Wednesday. One research 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, ArcBest presently has an average rating of “Hold” and an average target price of $108.33.

ArcBest Stock Performance

NASDAQ ARCB opened at $73.35 on Thursday. The company has a 50-day simple moving average of $90.03 and a two-hundred day simple moving average of $100.02. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. ArcBest has a 12-month low of $70.96 and a 12-month high of $153.61. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last posted its quarterly 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 quarter last year, the business earned $2.47 earnings per share. On average, equities analysts forecast that ArcBest will post 7 EPS for the current year.

Insider Activity

In other news, CFO John Matthew Beasley purchased 700 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price 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 in the company, valued at $609,754.38. This represents a 9.41 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in ArcBest by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock worth $258,601,000 after purchasing an additional 20,665 shares during 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 last quarter. State Street Corp boosted its holdings in ArcBest by 1.9% in the third quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock worth $103,831,000 after purchasing an additional 17,542 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in ArcBest by 2.6% in 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 during the last quarter. Finally, American Century Companies Inc. boosted its holdings in ArcBest by 16.3% in the fourth quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock worth $57,758,000 after purchasing an additional 86,867 shares during the last quarter. Hedge funds and other 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.