ArcBest (NASDAQ:ARCB) Price Target Raised to $143.00 at Bank of America

ArcBest (NASDAQ:ARCB) had its target price raised by Bank of America from $141.00 to $143.00 in a report released on Monday, Benzinga reports. They currently have an underperform rating on the transportation company’s stock.

Several other equities analysts also recently weighed in on the company. Morgan Stanley raised their price target on ArcBest from $155.00 to $175.00 and gave the stock an overweight rating in a research report on Wednesday, February 7th. UBS Group raised their price target on ArcBest from $119.00 to $150.00 and gave the stock a neutral rating in a research report on Friday, February 16th. JPMorgan Chase & Co. dropped their price target on ArcBest from $168.00 to $164.00 and set an overweight rating for the company in a research report on Tuesday, April 9th. StockNews.com raised ArcBest from a hold rating to a buy rating in a research report on Friday, January 26th. Finally, Stifel Nicolaus lifted their price objective on ArcBest from $153.00 to $159.00 and gave the company a buy rating in a research report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, ArcBest has an average rating of Moderate Buy and an average target price of $151.54.

ArcBest Stock Performance

Shares of ARCB stock opened at $149.95 on Monday. The stock has a fifty day moving average price of $140.45 and a 200 day moving average price of $122.93. The stock has a market cap of $3.52 billion, a PE ratio of 18.96, a P/E/G ratio of 0.63 and a beta of 1.49. ArcBest has a 1 year low of $82.18 and a 1 year high of $153.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.26 and a current ratio of 1.26.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, February 6th. The transportation company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.22 by $0.25. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.09 billion. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. ArcBest’s revenue was down 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.45 earnings per share. Sell-side analysts forecast that ArcBest will post 10.08 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend was Thursday, February 15th. ArcBest’s dividend payout ratio is currently 6.07%.

Insider Activity at ArcBest

In other news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $141.58, for a total transaction of $283,160.00. Following the completion of the transaction, the insider now directly owns 32,247 shares of the company’s stock, valued at $4,565,530.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ArcBest

Several institutional investors have recently made changes to their positions in ARCB. FMR LLC grew its holdings in shares of ArcBest by 776.2% during the first quarter. FMR LLC now owns 358,297 shares of the transportation company’s stock valued at $33,114,000 after purchasing an additional 317,405 shares during the last quarter. Cooper Creek Partners Management LLC bought a new position in ArcBest in the 3rd quarter worth approximately $29,108,000. Segall Bryant & Hamill LLC acquired a new stake in ArcBest in the second quarter worth approximately $17,232,000. Balyasny Asset Management L.P. acquired a new stake in ArcBest in the fourth quarter worth approximately $20,466,000. Finally, Allspring Global Investments Holdings LLC lifted its position in ArcBest by 175.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 195,270 shares of the transportation company’s stock worth $19,849,000 after purchasing an additional 124,354 shares during the period. 99.27% of the stock is owned by institutional investors.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.