Bank of America Boosts ArcBest (NASDAQ:ARCB) Price Target to $112.00

ArcBest (NASDAQ:ARCB) had its price target hoisted by Bank of America from $110.00 to $112.00 in a research report sent to investors on Monday, Benzinga reports. The firm currently has an underperform rating on the transportation company’s stock.

Several other brokerages have also commented on ARCB. UBS Group decreased their price objective on ArcBest from $150.00 to $126.00 and set a neutral rating for the company in a report on Wednesday, May 1st. TD Cowen decreased their price objective on ArcBest from $177.00 to $148.00 and set a buy rating for the company in a report on Wednesday, May 1st. The Goldman Sachs Group increased their price objective on ArcBest from $133.00 to $149.00 and gave the company a neutral rating in a report on Thursday, April 11th. Morgan Stanley decreased their price objective on ArcBest from $180.00 to $176.00 and set an overweight rating for the company in a report on Monday, July 8th. Finally, Stifel Nicolaus decreased their price objective on ArcBest from $159.00 to $150.00 and set a buy rating for the company in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $143.85.

ArcBest Stock Down 0.6 %

ArcBest stock opened at $116.79 on Monday. The business has a fifty day moving average of $109.18 and a two-hundred day moving average of $124.30. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.12. The firm has a market cap of $2.74 billion, a P/E ratio of 23.50, a P/E/G ratio of 0.95 and a beta of 1.48. ArcBest has a twelve month low of $86.93 and a twelve month high of $153.60.

ArcBest (NASDAQ:ARCB) last posted its earnings results 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). The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. ArcBest had a return on equity of 15.27% and a net margin of 2.80%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.58 EPS. On average, analysts forecast that ArcBest will post 8.3 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 10th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend was Thursday, May 9th. ArcBest’s dividend payout ratio is currently 9.66%.

Institutional Investors Weigh In On ArcBest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System grew its position in ArcBest by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock worth $1,264,000 after purchasing an additional 100 shares during the period. SummerHaven Investment Management LLC grew its position in shares of ArcBest by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 7,800 shares of the transportation company’s stock valued at $835,000 after acquiring an additional 148 shares during the period. Cultivar Capital Inc. acquired a new stake in shares of ArcBest during the 2nd quarter valued at about $43,000. Nisa Investment Advisors LLC grew its position in shares of ArcBest by 4.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,101 shares of the transportation company’s stock valued at $332,000 after acquiring an additional 125 shares during the period. Finally, AlphaMark Advisors LLC grew its position in shares of ArcBest by 11.8% during the 2nd quarter. AlphaMark Advisors LLC now owns 2,832 shares of the transportation company’s stock valued at $303,000 after acquiring an additional 300 shares during the period. 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.