Truist Financial Initiates Coverage on ArcBest (NASDAQ:ARCB)

Equities researchers at Truist Financial assumed coverage on shares of ArcBest (NASDAQ:ARCB) in a research note issued to investors on Thursday, Marketbeat Ratings 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 suggest a potential upside of 26.79% from the stock’s current price.

Several other research analysts have also issued reports on ARCB. Bank of America lowered their target price on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research report on Wednesday. Wells Fargo & Company lowered their price objective on ArcBest from $105.00 to $96.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. UBS Group lowered their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Stephens reissued an “overweight” rating and issued a $116.00 price objective on shares of ArcBest in a research report on Tuesday. Finally, Morgan Stanley lowered their price objective on ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. 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 MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $108.33.

ArcBest Stock Up 0.4 %

Shares of ARCB opened at $73.35 on Thursday. ArcBest has a 52 week low of $70.96 and a 52 week high of $153.61. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.70 and a beta of 1.54. 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 stock has a fifty day moving average of $90.03 and a 200-day moving average of $100.02.

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, topping the consensus estimate of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same quarter last year, the company posted $2.47 earnings per share. As a group, sell-side analysts anticipate that ArcBest will post 7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ArcBest news, CFO John Matthew Beasley bought 700 shares of the stock in a transaction on Thursday, March 13th. The shares were acquired at an average price of $74.89 per share, with a total value of $52,423.00. Following the acquisition, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at $609,754.38. The trade was a 9.41 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of ArcBest by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock valued at $258,601,000 after purchasing an additional 20,665 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of ArcBest by 9.4% during the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock valued at $240,011,000 after purchasing an additional 220,325 shares in the last quarter. State Street Corp grew its position in shares of ArcBest by 1.9% during the 3rd quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after purchasing an additional 17,542 shares in the last quarter. Westwood Holdings Group Inc. grew its position in shares of ArcBest by 2.6% during the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock valued at $59,338,000 after purchasing an additional 16,239 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of ArcBest by 16.3% during the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after purchasing an additional 86,867 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.