Morgan Stanley Trims ArcBest (NASDAQ:ARCB) Target Price to $176.00

ArcBest (NASDAQ:ARCB) had its price target reduced by Morgan Stanley from $180.00 to $176.00 in a research report released on Monday, Benzinga reports. They currently have an overweight rating on the transportation company’s stock.

ARCB has been the subject of several other research reports. Bank of America dropped their price objective on shares of ArcBest from $143.00 to $110.00 and set an underperform rating for the company in a research note on Wednesday, May 1st. StockNews.com lowered ArcBest from a buy rating to a hold rating in a research report on Thursday, May 2nd. Wells Fargo & Company began coverage on ArcBest in a research report on Friday, June 7th. They set an overweight rating and a $140.00 price objective on the stock. TD Cowen dropped their target price on ArcBest from $177.00 to $148.00 and set a buy rating for the company in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. reduced their price target on ArcBest from $164.00 to $145.00 and set an overweight rating on the stock in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, ArcBest currently has a consensus rating of Moderate Buy and a consensus price target of $143.69.

ArcBest Stock Performance

NASDAQ ARCB opened at $111.41 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.23 and a quick ratio of 1.23. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60. The company has a market cap of $2.61 billion, a PE ratio of 22.42, a price-to-earnings-growth ratio of 0.84 and a beta of 1.48. The stock’s 50 day simple moving average is $108.83 and its 200-day simple moving average is $124.27.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Tuesday, April 30th. The transportation company reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). ArcBest had a net margin of 2.80% and a return on equity of 15.27%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business posted $1.58 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, equities research analysts anticipate that ArcBest will post 8.54 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 10th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Thursday, May 9th. ArcBest’s dividend payout ratio (DPR) is 9.66%.

Hedge Funds Weigh In On ArcBest

Several large investors have recently made changes to their positions in ARCB. Linden Thomas Advisory Services LLC raised its position in ArcBest by 3.4% in the second quarter. Linden Thomas Advisory Services LLC now owns 16,880 shares of the transportation company’s stock valued at $1,808,000 after purchasing an additional 559 shares during the period. Mather Group LLC. purchased a new stake in shares of ArcBest in the 2nd quarter valued at $46,000. Moody National Bank Trust Division raised its holdings in shares of ArcBest by 16.9% in the 2nd quarter. Moody National Bank Trust Division now owns 7,360 shares of the transportation company’s stock valued at $788,000 after buying an additional 1,066 shares during the period. EMC Capital Management lifted its stake in ArcBest by 28.3% during the 1st quarter. EMC Capital Management now owns 3,786 shares of the transportation company’s stock worth $540,000 after acquiring an additional 835 shares in the last quarter. Finally, Zimmer Partners LP purchased a new position in ArcBest during the 1st quarter valued at about $7,838,000. 99.27% of the stock is currently 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.