ArcBest (NASDAQ:ARCB) Upgraded to “Strong-Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of ArcBest (NASDAQ:ARCBGet Rating) from a hold rating to a strong-buy rating in a research report report published on Thursday morning, Zacks.com reports. They currently have $93.00 price target on the transportation company’s stock.

According to Zacks, “ArcBest Corporation provides freight transportation services and solutions. The company’s Freight Transportation segment offers transportation of general commodities; motor carrier freight transportation services; business-to-business air transportation services; ocean transport services; global customizable supply chain solutions and integrated warehousing services. Its Premium Logistics & Expedited Freight Services segment provides expedited freight transportation services to commercial and government customers; premium logistics services; and domestic and international freight transportation with air, ocean, and ground service. ArcBest Corporation, formerly known as Arkansas Best Corporation, is headquartered in Fort Smith, Arkansas. “

Several other equities research analysts have also recently commented on the company. The Goldman Sachs Group boosted their price target on ArcBest from $108.00 to $111.00 and gave the company a neutral rating in a research note on Wednesday, February 2nd. Cowen reissued a buy rating and issued a $133.00 price target on shares of ArcBest in a research note on Monday. Cowen reissued a buy rating and issued a $133.00 price target on shares of ArcBest in a research note on Monday. Bank of America cut ArcBest from a buy rating to a neutral rating and set a $76.00 target price for the company. in a research report on Friday, April 8th. Finally, StockNews.com initiated coverage on ArcBest in a research report on Thursday, March 31st. They set a buy rating for the company. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ArcBest currently has an average rating of Buy and an average target price of $110.10.

NASDAQ:ARCB opened at $79.39 on Thursday. The stock has a market cap of $1.95 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 0.50 and a beta of 1.58. The stock’s 50-day moving average is $80.52 and its two-hundred day moving average is $93.04. ArcBest has a fifty-two week low of $52.86 and a fifty-two week high of $125.00. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.16 and a quick ratio of 1.10.

ArcBest (NASDAQ:ARCBGet Rating) last announced its quarterly earnings results on Friday, April 29th. The transportation company reported $3.08 EPS for the quarter, beating the consensus estimate of $2.13 by $0.95. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.26 billion. ArcBest had a return on equity of 29.28% and a net margin of 5.79%. The firm’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. On average, equities research analysts anticipate that ArcBest will post 12.42 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 25th. Investors of record on Wednesday, May 11th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. This is a positive change from ArcBest’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, May 10th. ArcBest’s dividend payout ratio is presently 3.27%.

In other news, Director Steven Spinner sold 5,000 shares of the stock in a transaction on Wednesday, February 9th. The stock was sold at an average price of $91.00, for a total transaction of $455,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael P. Hogan bought 1,771 shares of the firm’s stock in a transaction dated Monday, February 7th. The shares were acquired at an average price of $84.77 per share, for a total transaction of $150,127.67. The disclosure for this purchase can be found here. Corporate insiders own 1.68% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of ArcBest by 1.0% during the fourth quarter. BlackRock Inc. now owns 4,152,529 shares of the transportation company’s stock worth $497,679,000 after purchasing an additional 43,094 shares during the last quarter. Bank of America Corp DE boosted its holdings in ArcBest by 28.6% in the fourth quarter. Bank of America Corp DE now owns 507,495 shares of the transportation company’s stock valued at $60,823,000 after acquiring an additional 112,804 shares during the last quarter. abrdn plc boosted its holdings in ArcBest by 36.5% in the first quarter. abrdn plc now owns 490,549 shares of the transportation company’s stock valued at $39,489,000 after acquiring an additional 131,075 shares during the last quarter. Geode Capital Management LLC boosted its holdings in ArcBest by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 474,263 shares of the transportation company’s stock valued at $56,840,000 after acquiring an additional 4,107 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in ArcBest by 140.3% in the second quarter. Morgan Stanley now owns 462,902 shares of the transportation company’s stock valued at $26,936,000 after acquiring an additional 270,233 shares during the last quarter. Institutional investors own 91.06% of the company’s stock.

About ArcBest (Get Rating)

ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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