ArcBest (NASDAQ:ARCB) Given New $165.00 Price Target at Truist Financial

ArcBest (NASDAQ:ARCB) had its target price boosted by Truist Financial from $145.00 to $165.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the transportation company’s stock.

Several other equities research analysts have also recently weighed in on ARCB. Wells Fargo & Company upped their price target on ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Stephens raised ArcBest to a “strong-buy” rating in a report on Wednesday, July 8th. Morgan Stanley boosted their price target on shares of ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, The Goldman Sachs Group boosted their price objective on ArcBest from $117.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, ArcBest currently has an average rating of “Moderate Buy” and a consensus target price of $151.85.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $147.47 on Wednesday. The stock has a market cap of $3.28 billion, a PE ratio of 60.69, a price-to-earnings-growth ratio of 0.66 and a beta of 1.57. ArcBest has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a fifty day moving average of $141.09 and a 200-day moving average of $113.73.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. During the same quarter in the prior year, the firm posted $0.51 EPS. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts anticipate that ArcBest will post 6.11 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s dividend payout ratio (DPR) is 19.75%.

Institutional Investors Weigh In On ArcBest

Several hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its stake in ArcBest by 300.3% in the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock worth $1,898,000 after purchasing an additional 20,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of ArcBest by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock valued at $989,000 after acquiring an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in ArcBest by 215.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after acquiring an additional 104,643 shares during the last quarter. Jane Street Group LLC raised its holdings in ArcBest by 278.2% in the 1st quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after acquiring an additional 33,537 shares during the last quarter. Finally, Intech Investment Management LLC lifted its position in ArcBest by 3.4% in the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock valued at $1,421,000 after acquiring an additional 655 shares in the last quarter. 99.27% of the stock is 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.