ArcBest (NASDAQ:ARCB) Hits New 52-Week High Following Analyst Upgrade

ArcBest Corporation (NASDAQ:ARCB) shares hit a new 52-week high during mid-day trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $76.00 to $81.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. ArcBest traded as high as $102.70 and last traded at $101.56, with a volume of 28565 shares changing hands. The stock had previously closed at $99.75.

Several other equities analysts have also issued reports on the company. Stephens set a $85.00 target price on ArcBest in a research report on Tuesday, January 6th. UBS Group decreased their price objective on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $100.00 target price on shares of ArcBest in a research note on Saturday. Truist Financial lifted their price target on shares of ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Finally, TD Cowen reissued a “hold” rating on shares of ArcBest in a report on Friday, January 9th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.25.

Institutional Trading of ArcBest

A number of institutional investors have recently modified their holdings of ARCB. Turtle Creek Asset Management Inc. bought a new position in shares of ArcBest during the third quarter worth about $39,508,000. Principal Financial Group Inc. grew its stake in shares of ArcBest by 349.9% during the 4th quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company’s stock worth $36,634,000 after acquiring an additional 384,024 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of ArcBest by 158.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after acquiring an additional 300,642 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of ArcBest by 145.9% in the third quarter. Two Sigma Investments LP now owns 281,803 shares of the transportation company’s stock valued at $19,690,000 after purchasing an additional 167,200 shares during the last quarter. Finally, Encompass Capital Advisors LLC bought a new stake in shares of ArcBest in the second quarter worth $12,657,000. 99.27% of the stock is currently owned by institutional investors.

ArcBest Price Performance

The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 39.75, a PEG ratio of 12.60 and a beta of 1.54. The company’s fifty day moving average is $80.38 and its 200 day moving average is $74.90. The company has a quick ratio of 0.98, a current ratio of 0.95 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, January 30th. The transportation company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.09). ArcBest had a return on equity of 6.51% and a net margin of 1.50%.The business had revenue of $972.69 million for the quarter, compared to the consensus estimate of $963.74 million. During the same period last year, the firm earned $1.33 earnings per share. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts predict that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $0.48 annualized dividend and a yield of 0.5%. ArcBest’s dividend payout ratio is 18.39%.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.