TD Cowen Cuts ArcBest (NASDAQ:ARCB) Price Target to $72.00

ArcBest (NASDAQ:ARCB) had its target price cut by TD Cowen from $80.00 to $72.00 in a research report released on Wednesday morning, MarketBeat reports. They currently have a hold rating on the transportation company’s stock.

ARCB has been the subject of several other research reports. Bank of America dropped their price objective on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a report on Wednesday, March 12th. Truist Financial dropped their price target on ArcBest from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Morgan Stanley reduced their price objective on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Jefferies Financial Group dropped their target price on shares of ArcBest from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Finally, UBS Group cut their target price on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $88.75.

ArcBest Stock Up 7.3 %

Shares of ArcBest stock opened at $62.01 on Wednesday. The company’s 50 day moving average price is $68.08 and its 200-day moving average price is $89.98. ArcBest has a 52-week low of $55.19 and a 52-week high of $129.83. 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 market capitalization of $1.44 billion, a price-to-earnings ratio of 8.46, a P/E/G ratio of 1.70 and a beta of 1.70.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The firm had revenue of $967.08 million during the quarter, compared to analysts’ expectations of $990.03 million. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. ArcBest’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.34 EPS. Equities research analysts forecast that ArcBest will post 7 EPS for the current year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, May 9th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date is Friday, May 9th. ArcBest’s dividend payout ratio (DPR) is presently 6.35%.

Insiders Place Their Bets

In other news, CFO John Matthew Beasley purchased 700 shares of ArcBest stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $74.89 per share, with a total value of $52,423.00. Following the completion of the transaction, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. The trade was a 9.41 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.28% of the company’s stock.

Institutional Trading of ArcBest

Several institutional investors have recently added to or reduced their stakes in ARCB. Vanguard Group Inc. lifted its holdings in shares of ArcBest by 0.8% during the fourth 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. raised its position in ArcBest by 9.4% in the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock worth $240,011,000 after buying an additional 220,325 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in 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 acquiring an additional 16,239 shares during the period. American Century Companies Inc. boosted its holdings 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 acquiring an additional 86,867 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of ArcBest by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 426,155 shares of the transportation company’s stock worth $39,769,000 after acquiring an additional 11,894 shares during the period. 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.