ArcBest (NASDAQ:ARCB) Raised to “Strong-Buy” at Zacks Research

ArcBest (NASDAQ:ARCB) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other equities research analysts have also weighed in on ARCB. The Goldman Sachs Group raised their target price on ArcBest from $102.00 to $117.00 and gave the stock a “buy” rating in a research report on Tuesday. Truist Financial raised their target price on ArcBest from $95.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company lifted their price target on ArcBest from $85.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group lifted their price target on ArcBest from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Finally, Stephens set a $85.00 price target on ArcBest in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, ArcBest presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.42.

ArcBest Stock Down 1.4%

Shares of NASDAQ ARCB traded down $1.75 during midday trading on Thursday, hitting $125.82. 262,214 shares of the company’s stock were exchanged, compared to its average volume of 305,501. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.95. ArcBest has a twelve month low of $58.16 and a twelve month high of $135.10. The company has a market cap of $2.81 billion, a PE ratio of 51.78, a P/E/G ratio of 0.71 and a beta of 1.42. The firm’s fifty day simple moving average is $103.23 and its 200-day simple moving average is $87.98.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. During the same quarter last year, the company earned $0.51 EPS. The business’s quarterly revenue was up 3.3% on a year-over-year basis. Research analysts predict that ArcBest will post 5.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its stake in shares of ArcBest by 2,994.7% in the 1st quarter. Fifth Third Bancorp now owns 5,230 shares of the transportation company’s stock valued at $514,000 after purchasing an additional 5,061 shares during the last quarter. Kestra Advisory Services LLC grew its stake in shares of ArcBest by 11.8% in the 1st quarter. Kestra Advisory Services LLC now owns 7,202 shares of the transportation company’s stock valued at $708,000 after purchasing an additional 760 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of ArcBest in the 1st quarter valued at approximately $215,000. Strs Ohio grew its stake in shares of ArcBest by 38.9% in the 1st quarter. Strs Ohio now owns 10,000 shares of the transportation company’s stock valued at $984,000 after purchasing an additional 2,800 shares during the last quarter. Finally, Inspire Investing LLC grew its stake in shares of ArcBest by 281.2% in the 1st quarter. Inspire Investing LLC now owns 23,903 shares of the transportation company’s stock valued at $2,351,000 after purchasing an additional 17,633 shares during 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.