ArcBest (NASDAQ:ARCB) Sets New 12-Month High – Here’s What Happened

ArcBest Corporation (NASDAQ:ARCB)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $174.03 and last traded at $172.67, with a volume of 364951 shares changing hands. The stock had previously closed at $165.16.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Citigroup raised their price objective on ArcBest from $122.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Morgan Stanley restated an “overweight” rating and set a $150.00 price objective on shares of ArcBest in a research report on Wednesday, April 29th. Stifel Nicolaus raised their price objective on ArcBest from $116.00 to $134.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, The Goldman Sachs Group raised their price objective on ArcBest from $102.00 to $117.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $137.08.

ArcBest Price Performance

The firm’s 50-day moving average price is $124.90 and its 200-day moving average price is $100.89. 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 stock has a market capitalization of $3.84 billion, a PE ratio of 71.06, a PEG ratio of 0.78 and a beta of 1.55.

ArcBest (NASDAQ:ARCB) last announced its earnings results 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. The firm had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.51 EPS. On average, equities analysts forecast that ArcBest Corporation will post 5.66 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. ArcBest’s payout ratio is currently 19.75%.

Hedge Funds Weigh In On ArcBest

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of ArcBest by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock valued at $181,852,000 after purchasing an additional 6,808 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of ArcBest by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock worth $137,429,000 after purchasing an additional 47,848 shares during the period. Invesco Ltd. boosted its stake in shares of ArcBest by 625.4% during the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after purchasing an additional 793,607 shares during the period. American Century Companies Inc. boosted its stake in shares of ArcBest by 9.6% during the 3rd quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock worth $57,090,000 after purchasing an additional 71,420 shares during the period. Finally, Turtle Creek Asset Management Inc. purchased a new position in shares of ArcBest during the 3rd quarter worth about $39,508,000. 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.