ArcBest Corporation (NASDAQ:ARCB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of ArcBest Corporation (NASDAQ:ARCB) have been given a consensus recommendation of “Moderate Buy” by the fourteen analysts that are presently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $145.4167.

Several brokerages have commented on ARCB. Zacks Research upgraded shares of ArcBest from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on shares of ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. Truist Financial upped their price objective on shares of ArcBest from $95.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Morgan Stanley restated an “overweight” rating and issued a $150.00 price objective on shares of ArcBest in a report on Wednesday, April 29th.

ArcBest Stock Performance

NASDAQ:ARCB opened at $146.29 on Monday. The company has a fifty day moving average of $134.93 and a 200 day moving average of $107.47. ArcBest has a 52 week low of $59.43 and a 52 week high of $176.69. 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 firm has a market capitalization of $3.26 billion, a P/E ratio of 60.20, a P/E/G ratio of 0.66 and a beta of 1.55.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The company had revenue of $998.79 million during the quarter, compared to analyst estimates of $999.07 million. During the same period in the prior year, the business posted $0.51 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. On average, research analysts predict that ArcBest will post 5.87 earnings per share for the current year.

ArcBest Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA raised its holdings in 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 purchasing an additional 93 shares in the last quarter. Amundi grew its position in shares of ArcBest by 54.6% in the 1st quarter. Amundi now owns 7,478 shares of the transportation company’s stock worth $736,000 after buying an additional 2,640 shares during the period. California State Teachers Retirement System grew its position in shares of ArcBest by 24.7% in the 1st quarter. California State Teachers Retirement System now owns 26,926 shares of the transportation company’s stock worth $2,648,000 after buying an additional 5,325 shares during the period. Empowered Funds LLC grew its position in shares of ArcBest by 37.7% in the 1st quarter. Empowered Funds LLC now owns 158,742 shares of the transportation company’s stock worth $15,614,000 after buying an additional 43,429 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of ArcBest by 2.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 124,826 shares of the transportation company’s stock worth $12,278,000 after buying an additional 2,735 shares during the period. 99.27% of the stock is currently owned by institutional investors.

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.