JPMorgan Chase & Co. Issues Positive Forecast for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its target price increased by analysts at JPMorgan Chase & Co. from $117.00 to $147.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the transportation company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 7.29% from the stock’s previous close.

Several other equities analysts have also recently issued reports on ARCB. Bank of America upped their target price on shares of ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday. Stifel Nicolaus upped their price objective on ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. UBS Group lifted their target price on ArcBest from $98.00 to $122.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Weiss Ratings lowered ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 28th. Finally, Citigroup raised their price objective on ArcBest from $122.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $133.92.

ArcBest Trading Up 2.2%

NASDAQ:ARCB opened at $158.56 on Monday. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 65.25, a PEG ratio of 0.84 and a beta of 1.55. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average price is $118.94 and its 200-day moving average price is $97.85. ArcBest has a 52 week low of $59.43 and a 52 week high of $160.64.

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. 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 analysts’ expectations of $999.07 million. During the same period in the prior year, the firm posted $0.51 EPS. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts forecast that ArcBest will post 5.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcBest

Institutional investors have recently bought and sold shares of the business. Bryce Point Capital LLC purchased a new position in shares of ArcBest during the 3rd quarter worth about $476,000. Allspring Global Investments Holdings LLC boosted its stake in shares of ArcBest by 100.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 87,256 shares of the transportation company’s stock valued at $6,734,000 after purchasing an additional 43,803 shares during the period. Aberdeen Group plc bought a new position in shares of ArcBest in the fourth quarter worth about $7,240,000. WINTON GROUP Ltd purchased a new position in ArcBest in the 3rd quarter worth about $3,970,000. Finally, American Century Companies Inc. lifted its holdings in ArcBest by 9.6% during the 3rd quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock valued at $57,090,000 after buying an additional 71,420 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

ArcBest Company Profile

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.