JPMorgan Chase & Co. Forecasts Strong Price Appreciation for ArcBest (NASDAQ:ARCB) Stock

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

A number of other analysts have also commented on the company. The Goldman Sachs Group raised their price target on ArcBest from $102.00 to $117.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. UBS Group boosted their price objective on shares of ArcBest from $98.00 to $122.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Morgan Stanley reaffirmed an “overweight” rating and set a $150.00 target price on shares of ArcBest in a research note on Wednesday, April 29th. Zacks Research raised shares of ArcBest from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, TD Cowen boosted their price target on shares of ArcBest from $97.00 to $137.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, ArcBest has an average rating of “Moderate Buy” and a consensus target price of $133.92.

ArcBest Stock Performance

Shares of NASDAQ:ARCB opened at $158.56 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average price of $118.94 and a 200-day moving average price of $97.85. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 65.25, a price-to-earnings-growth ratio of 0.84 and a beta of 1.55. ArcBest has a 12 month low of $59.43 and a 12 month high of $160.64.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $998.79 million for the quarter, compared to the consensus estimate of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.ArcBest’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.51 EPS. As a group, equities analysts anticipate that ArcBest will post 5.29 EPS for the current year.

Hedge Funds Weigh In On ArcBest

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Glenmede Trust Co. NA grew its stake in shares of ArcBest by 1.5% in the 1st quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company’s stock worth $606,000 after buying an additional 93 shares during the last quarter. Amundi boosted its holdings in ArcBest by 54.6% in the first quarter. Amundi now owns 7,478 shares of the transportation company’s stock worth $736,000 after acquiring an additional 2,640 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of ArcBest by 24.7% in the first quarter. California State Teachers Retirement System now owns 26,926 shares of the transportation company’s stock worth $2,648,000 after acquiring an additional 5,325 shares during the last quarter. Empowered Funds LLC grew its stake in shares of ArcBest by 37.7% in the first quarter. Empowered Funds LLC now owns 158,742 shares of the transportation company’s stock worth $15,614,000 after acquiring an additional 43,429 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of ArcBest by 2.2% during the first quarter. The Manufacturers Life Insurance Company now owns 124,826 shares of the transportation company’s stock valued at $12,278,000 after acquiring an additional 2,735 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.