Truist Financial Forecasts Strong Price Appreciation for ArcBest (NASDAQ:ARCB) Stock

ArcBest (NASDAQ:ARCB) had its price objective hoisted by Truist Financial from $145.00 to $165.00 in a research note issued to investors on Wednesday,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 8.85% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Citizens Jmp started coverage on shares of ArcBest in a research report on Wednesday. They issued a “market outperform” rating and a $180.00 price target for the company. Weiss Ratings downgraded ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 28th. Stephens upgraded shares of ArcBest to a “strong-buy” rating in a research note on Wednesday, July 8th. Stifel Nicolaus upped their target price on ArcBest from $116.00 to $134.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. increased their price target on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $151.85.

ArcBest Stock Up 1.4%

NASDAQ:ARCB opened at $151.58 on Wednesday. ArcBest has a twelve month low of $59.43 and a twelve month high of $176.69. The stock has a fifty day simple moving average of $140.58 and a 200-day simple moving average of $113.23. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 62.38, a price-to-earnings-growth ratio of 0.65 and a beta of 1.57. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $998.79 million during the quarter, compared to analysts’ expectations of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.51 EPS. Analysts anticipate that ArcBest will post 6.11 EPS for the current year.

Institutional Trading of ArcBest

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its stake in ArcBest by 300.3% during the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock worth $1,898,000 after acquiring an additional 20,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ArcBest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock valued at $989,000 after acquiring an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the period. Jane Street Group LLC increased its stake in ArcBest by 278.2% during the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after purchasing an additional 33,537 shares during the period. Finally, Intech Investment Management LLC lifted its position in shares of ArcBest by 3.4% during the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock worth $1,421,000 after purchasing an additional 655 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.