Bank of America Trims ArcBest (NASDAQ:ARCB) Target Price to $110.00

ArcBest (NASDAQ:ARCB) had its price target lowered by Bank of America from $143.00 to $110.00 in a report published on Wednesday, Benzinga reports. The firm currently has an underperform rating on the transportation company’s stock.

Several other analysts have also weighed in on ARCB. Deutsche Bank Aktiengesellschaft began coverage on shares of ArcBest in a research note on Monday, January 29th. They issued a buy rating and a $148.00 price objective for the company. Stifel Nicolaus raised their target price on ArcBest from $153.00 to $159.00 and gave the company a buy rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. cut their target price on ArcBest from $164.00 to $145.00 and set an overweight rating on the stock in a research note on Wednesday. UBS Group cut their price target on shares of ArcBest from $150.00 to $126.00 and set a neutral rating on the stock in a report on Wednesday. Finally, Morgan Stanley increased their price objective on ArcBest from $155.00 to $175.00 and gave the company an overweight rating in a report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, ArcBest has an average rating of Moderate Buy and an average price target of $143.38.

ArcBest Trading Up 1.9 %

ARCB opened at $114.85 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.23 and a quick ratio of 1.26. ArcBest has a fifty-two week low of $82.18 and a fifty-two week high of $153.60. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 0.47 and a beta of 1.56. The company’s 50 day moving average price is $137.54 and its two-hundred day moving average price is $125.62.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, April 30th. The transportation company reported $1.34 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.19). ArcBest had a net margin of 2.80% and a return on equity of 15.27%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company earned $1.58 earnings per share. The business’s revenue was down 6.3% on a year-over-year basis. As a group, research analysts predict that ArcBest will post 10.05 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.42%. ArcBest’s dividend payout ratio is currently 9.66%.

Insider Activity at ArcBest

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $141.58, for a total transaction of $283,160.00. Following the sale, the insider now owns 32,247 shares in the company, valued at $4,565,530.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ArcBest

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position 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 purchasing an additional 75 shares during the last quarter. Contravisory Investment Management Inc. boosted its position in ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 78 shares in the last quarter. Allworth Financial LP boosted its position in shares of ArcBest by 15,450.0% during the third quarter. Allworth Financial LP now owns 311 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 309 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of ArcBest in the 4th quarter worth about $39,000. Finally, Parallel Advisors LLC grew its holdings in ArcBest by 45.8% in the fourth quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock worth $44,000 after purchasing an additional 114 shares during the period. Hedge funds and other institutional investors own 99.27% of the company’s stock.

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.