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

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

Several other research firms have also weighed in on ARCB. TD Cowen raised their price objective on shares of ArcBest from $141.00 to $178.00 and gave the stock an outperform rating in a report on Wednesday, February 7th. Stifel Nicolaus raised their price objective on shares of ArcBest from $153.00 to $159.00 and gave the stock a buy rating in a report on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of ArcBest in a report on Monday, January 29th. They set a buy rating and a $148.00 price objective for the company. StockNews.com raised shares of ArcBest from a hold rating to a buy rating in a report on Friday, January 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of ArcBest from $168.00 to $164.00 and set an overweight rating for the company in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, ArcBest currently has an average rating of Moderate Buy and a consensus target price of $151.54.

ArcBest Stock Up 0.5 %

Shares of ARCB opened at $149.95 on Monday. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 0.63 and a beta of 1.49. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13. ArcBest has a 12 month low of $82.18 and a 12 month high of $153.60. The company has a 50-day moving average price of $140.45 and a two-hundred day moving average price of $122.93.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Tuesday, February 6th. The transportation company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 4.41% and a return on equity of 15.91%. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.45 earnings per share. Equities analysts predict that ArcBest will post 10.08 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend 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 Buying and Selling at ArcBest

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $141.58, for a total value of $283,160.00. Following the transaction, the insider now directly owns 32,247 shares of the company’s stock, valued at $4,565,530.26. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its stake in ArcBest by 49.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Contravisory Investment Management Inc. boosted its position in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares in the last quarter. BOKF NA boosted its position in shares of ArcBest by 5.1% during the fourth quarter. BOKF NA now owns 1,643 shares of the transportation company’s stock worth $198,000 after purchasing an additional 80 shares in the last quarter. Horrell Capital Management Inc. boosted its position in shares of ArcBest by 0.3% during the fourth quarter. Horrell Capital Management Inc. now owns 29,224 shares of the transportation company’s stock worth $3,513,000 after purchasing an additional 94 shares in the last quarter. Finally, SummerHaven Investment Management LLC boosted its position in shares of ArcBest by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 7,572 shares of the transportation company’s stock worth $910,000 after purchasing an additional 96 shares in the last quarter. 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.