ArcBest (NASDAQ:ARCB) Stock Price Up 5.4% on Analyst Upgrade

Shares of ArcBest Corporation (NASDAQ:ARCB) were up 5.4% during mid-day trading on Thursday after Truist Financial raised their price target on the stock from $145.00 to $165.00. Truist Financial currently has a buy rating on the stock. ArcBest traded as high as $156.66 and last traded at $155.5030. Approximately 13,825 shares traded hands during trading, a decline of 96% from the average session volume of 367,386 shares. The stock had previously closed at $147.47.

Several other equities analysts have also weighed in on the company. Morgan Stanley lifted their price objective on ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Zacks Research raised shares of ArcBest from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Weiss Ratings lowered shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 28th. Wells Fargo & Company raised their price target on shares of ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Two investment 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. According to data from MarketBeat.com, ArcBest has a consensus rating of “Moderate Buy” and a consensus target price of $151.85.

More ArcBest News

Here are the key news stories impacting ArcBest this week:

• Positive Sentiment: Zacks said earnings estimate revisions for ArcBest are trending higher, which often supports a stronger stock price when analysts expect improving profitability. Earnings Estimates Rising for ArcBest (ARCB): Will It Gain?
• Positive Sentiment: Truist reportedly raised its price target on ArcBest to $165, and Citizens JMP initiated coverage, adding to the bullish analyst backdrop. ArcBest (NASDAQ:ARCB) Given New $165.00 Price Target at Truist Financial
• Positive Sentiment: ArcBest announced a simplified brand structure and operational streamlining, with MoLo Solutions, Panther Premium Logistics, and ArcBest Technologies consolidating under the ArcBest name, a move aimed at long-term growth and efficiency. ArcBest Simplifies Brand Structure and Streamlines Operations to Drive Long-Term Growth and Efficiency
• Positive Sentiment: The company also plans to reduce about 2% of its workforce and close 10 LTL terminals, which could lower costs and improve margins if execution goes well. ArcBest to Consolidate Brands, Cut About 2% of Workforce
• Neutral Sentiment: Momentum-focused coverage noted that ArcBest has gained about 5.34% over the past week, reinforcing recent trader interest but not adding a new fundamental catalyst. ArcBest (ARCB) Is Up 5.34% in One Week: What You Should Know
• Neutral Sentiment: Zacks also highlighted ArcBest as a fast-paced momentum stock that may still be reasonably valued, which supports the stock’s current trading interest. ArcBest (ARCB) Shows Fast-paced Momentum But Is Still a Bargain Stock

Institutional Investors Weigh In On ArcBest

A number of large investors have recently added to or reduced their stakes in ARCB. Federated Hermes Inc. grew its stake in shares of ArcBest by 126.6% during the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock valued at $75,000 after acquiring an additional 567 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of ArcBest during the 2nd quarter valued at approximately $85,000. Hantz Financial Services Inc. raised its holdings in shares of ArcBest by 507.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after purchasing an additional 934 shares during the period. Assetmark Inc. lifted its holdings in ArcBest by 5,940.0% in the fourth quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock worth $90,000 after acquiring an additional 1,188 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of ArcBest by 69.4% in the 4th quarter. KBC Group NV now owns 1,299 shares of the transportation company’s stock worth $96,000 after purchasing an additional 532 shares during the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Price Performance

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 business has a 50 day simple moving average of $142.59 and a 200-day simple moving average of $114.61. The company has a market capitalization of $3.56 billion, a P/E ratio of 65.77, a PEG ratio of 0.66 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm had revenue of $998.79 million during the quarter, compared to analysts’ expectations of $999.07 million. During the same quarter in the prior year, the firm earned $0.51 EPS. ArcBest’s quarterly revenue was up 3.3% on a year-over-year basis. Analysts predict that ArcBest Corporation will post 6.38 EPS for the current fiscal year.

ArcBest Dividend Announcement

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

About ArcBest

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.