ArcBest (NASDAQ:ARCB) Given New $72.00 Price Target at Bank of America

ArcBest (NASDAQ:ARCB) had its target price cut by Bank of America from $73.00 to $72.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

ARCB has been the subject of a number of other research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a report on Wednesday, October 8th. Cowen reaffirmed a “hold” rating on shares of ArcBest in a report on Wednesday, October 1st. Stephens downgraded ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price objective on the stock. in a research report on Thursday, November 6th. UBS Group lowered their price objective on ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Finally, Stifel Nicolaus raised their target price on ArcBest from $81.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $85.00.

ArcBest Trading Down 1.3%

Shares of ARCB stock opened at $64.80 on Tuesday. ArcBest has a fifty-two week low of $55.19 and a fifty-two week high of $113.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98. The stock’s fifty day moving average is $69.16 and its two-hundred day moving average is $71.61. The firm has a market capitalization of $1.46 billion, a P/E ratio of 15.39, a PEG ratio of 8.15 and a beta of 1.52.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.09. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.64 earnings per share. Research analysts expect that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, November 14th. ArcBest’s dividend payout ratio is 11.40%.

Institutional Trading of ArcBest

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its stake in ArcBest by 26.9% during the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after buying an additional 143 shares during the period. Capital Advisors Inc. OK raised its stake in shares of ArcBest by 3.4% in the 3rd quarter. Capital Advisors Inc. OK now owns 4,375 shares of the transportation company’s stock valued at $306,000 after acquiring an additional 145 shares during the period. GAMMA Investing LLC lifted its holdings in shares of ArcBest by 11.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock valued at $123,000 after acquiring an additional 168 shares in the last quarter. Rhumbline Advisers boosted its position in ArcBest by 0.3% during the 3rd quarter. Rhumbline Advisers now owns 69,115 shares of the transportation company’s stock worth $4,829,000 after purchasing an additional 180 shares during the period. Finally, SummerHaven Investment Management LLC increased its holdings in ArcBest by 3.2% in the 2nd quarter. SummerHaven Investment Management LLC now owns 7,590 shares of the transportation company’s stock valued at $585,000 after purchasing an additional 233 shares in the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

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.