Morgan Stanley Lowers ArcBest (NASDAQ:ARCB) Price Target to $170.00

ArcBest (NASDAQ:ARCB) had its price objective dropped by research analysts at Morgan Stanley from $175.00 to $170.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the transportation company’s stock. Morgan Stanley’s price objective indicates a potential upside of 63.30% from the stock’s current price.

Several other analysts have also commented on ARCB. Bank of America decreased their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. Citigroup began coverage on ArcBest in a research report on Wednesday, October 9th. They set a “neutral” rating and a $111.00 price target on the stock. TD Cowen downgraded ArcBest from a “buy” rating to a “hold” rating and lowered their price target for the stock from $131.00 to $114.00 in a report on Monday, October 14th. Jefferies Financial Group cut their price objective on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, October 10th. Finally, Stifel Nicolaus dropped their target price on shares of ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus target price of $123.17.

ArcBest Price Performance

NASDAQ ARCB opened at $104.10 on Monday. The company has a market cap of $2.46 billion, a PE ratio of 12.85, a P/E/G ratio of 1.31 and a beta of 1.47. ArcBest has a 52-week low of $94.76 and a 52-week high of $153.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.19 and a current ratio of 1.04. The firm’s 50 day moving average price is $104.48 and its 200-day moving average price is $109.45.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The company’s revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.31 earnings per share. Sell-side analysts forecast that ArcBest will post 6.89 EPS for the current fiscal year.

Insider Buying and Selling at ArcBest

In related news, Director Salvatore A. Abbate bought 1,000 shares of the stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ARCB. Westwood Holdings Group Inc. boosted its holdings in ArcBest by 34.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after buying an additional 150,467 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of ArcBest by 158.7% in the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after acquiring an additional 117,774 shares during the last quarter. Emerald Advisers LLC purchased a new stake in shares of ArcBest during the second quarter worth approximately $6,812,000. Mutual of America Capital Management LLC lifted its holdings in ArcBest by 1,455.0% in the 2nd quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock valued at $6,789,000 after purchasing an additional 59,322 shares in the last quarter. Finally, Zimmer Partners LP acquired a new stake in ArcBest during the 1st quarter worth $7,838,000. 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.