ArcBest (NASDAQ:ARCB) Sets New 1-Year High on Analyst Upgrade

ArcBest Corporation (NASDAQ:ARCB) shares hit a new 52-week high during mid-day trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $76.00 to $81.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. ArcBest traded as high as $102.70 and last traded at $101.56, with a volume of 28565 shares trading hands. The stock had previously closed at $99.75.

Several other equities analysts also recently weighed in on the stock. The Goldman Sachs Group reiterated a “buy” rating and issued a $100.00 target price on shares of ArcBest in a research note on Saturday. Jefferies Financial Group boosted their target price on shares of ArcBest from $95.00 to $110.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus increased their target price on ArcBest from $85.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Wells Fargo & Company lifted their price target on ArcBest from $74.00 to $85.00 and gave the company an “equal weight” rating in a research report on Sunday. Finally, Truist Financial boosted their price objective on ArcBest from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $97.00.

Hedge Funds Weigh In On ArcBest

A number of large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC boosted its stake in shares of ArcBest by 433.3% during the second quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after purchasing an additional 312 shares during the period. Johnson Investment Counsel Inc. bought a new stake in ArcBest during the 3rd quarter valued at $28,000. FNY Investment Advisers LLC bought a new stake in ArcBest during the 2nd quarter valued at $51,000. Smartleaf Asset Management LLC boosted its position in ArcBest by 26.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock valued at $47,000 after buying an additional 143 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in ArcBest in the 2nd quarter worth $85,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Stock Performance

The business’s fifty day simple moving average is $81.29 and its 200-day simple moving average is $75.14. The firm has a market cap of $2.47 billion, a P/E ratio of 41.97, a price-to-earnings-growth ratio of 13.51 and a beta of 1.54. The company has a current ratio of 0.95, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). The firm had revenue of $972.69 million for the quarter, compared to analysts’ expectations of $963.74 million. ArcBest had a return on equity of 6.51% and a net margin of 1.50%.The business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.33 earnings per share. As a group, sell-side analysts expect that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, February 10th. This represents a $0.48 annualized dividend and a yield of 0.4%. ArcBest’s dividend payout ratio (DPR) is 18.39%.

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.