ArcBest (NASDAQ:ARCB) Price Target Raised to $89.00

ArcBest (NASDAQ:ARCB) had its target price lifted by JPMorgan Chase & Co. from $75.00 to $89.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the transportation company’s stock.

A number of other equities analysts have also weighed in on the stock. Stifel Nicolaus dropped their target price on shares of ArcBest from $102.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Citigroup decreased their price target on shares of ArcBest from $83.00 to $66.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Truist Financial decreased their price target on shares of ArcBest from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Bank of America raised shares of ArcBest from an “underperform” rating to a “neutral” rating and upped their price target for the company from $63.00 to $74.00 in a research note on Tuesday, June 10th. Finally, UBS Group upped their price target on shares of ArcBest from $64.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus target price of $93.17.

ArcBest Price Performance

Shares of NASDAQ:ARCB opened at $84.42 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day moving average price of $69.18 and a 200 day moving average price of $77.00. ArcBest has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 11.17, a P/E/G ratio of 0.89 and a beta of 1.71.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The company had revenue of $967.08 million for the quarter, compared to the consensus estimate of $990.03 million. During the same quarter in the prior year, the company posted $1.34 EPS. ArcBest’s revenue was down 6.7% compared to the same quarter last year. As a group, sell-side analysts expect that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest’s dividend payout ratio is currently 6.35%.

Institutional Investors Weigh In On ArcBest

Several hedge funds and other institutional investors have recently made changes to their positions in ARCB. Smartleaf Asset Management LLC raised its stake in shares of ArcBest by 471.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock valued at $51,000 after acquiring an additional 453 shares during the period. Charles Schwab Investment Management Inc. increased its stake in ArcBest by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 426,155 shares of the transportation company’s stock worth $39,769,000 after buying an additional 11,894 shares during the period. Victory Capital Management Inc. increased its stake in ArcBest by 6.0% in the 4th quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock worth $21,709,000 after buying an additional 13,152 shares during the period. Arizona State Retirement System increased its stake in ArcBest by 1.6% in the 4th quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company’s stock worth $640,000 after buying an additional 108 shares during the period. Finally, Sequoia Financial Advisors LLC increased its stake in ArcBest by 7.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,557 shares of the transportation company’s stock worth $425,000 after buying an additional 315 shares during the period. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Company Profile

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.