ArcBest Corporation (NASDAQ:ARCB) Stock Has Consensus Price Target of $153.15 According to Brokerages

Shares of ArcBest Corporation (NASDAQ:ARCB) have received a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $153.15.

ARCB has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of ArcBest from a “buy” rating to a “strong-buy” rating in a research report on Saturday. TD Cowen dropped their price target on shares of ArcBest from $175.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, July 30th. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a report on Tuesday, August 25th. Citigroup reaffirmed a “cautious” rating on shares of ArcBest in a research note on Wednesday, October 7th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $172.00 price target on shares of ArcBest in a research note on Wednesday, July 29th.

Insider Buying and Selling

In related news, VP Jason Parks sold 855 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $135.09, for a total transaction of $115,501.95. Following the sale, the vice president directly owned 3,794 shares of the company’s stock, valued at $512,531.46. This represents a 18.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Judy McReynolds sold 2,857 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $138.98, for a total transaction of $397,065.86. Following the sale, the director owned 50,048 shares in the company, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 5,155 shares of company stock valued at $713,578 in the last 90 days. Company insiders own 0.98% of the company’s stock.

Institutional Trading of ArcBest

Large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in ArcBest in the second quarter valued at approximately $503,476,000. Bank of New York Mellon Corp acquired a new stake in shares of ArcBest in the second quarter valued at approximately $27,281,000. Empowered Funds LLC purchased a new position in shares of ArcBest during the second quarter worth approximately $20,787,000. Maple Rock Capital Partners Inc. increased its holdings in shares of ArcBest by 32.5% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company’s stock valued at $76,901,000 after acquiring an additional 131,400 shares during the period. Finally, Heartland Advisors Inc. acquired a new position in shares of ArcBest in the 2nd quarter valued at $15,789,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Stock Up 2.7%

Shares of NASDAQ:ARCB opened at $134.48 on Friday. The business has a fifty day moving average of $131.45 and a two-hundred day moving average of $124.69. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. The stock has a market cap of $3.01 billion, a P/E ratio of 194.90, a PEG ratio of 0.40 and a beta of 1.71. ArcBest has a 52-week low of $59.43 and a 52-week high of $176.69.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. ArcBest’s dividend payout ratio (DPR) is presently 69.57%.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a multibillion-dollar logistics company headquartered in Fort Smith, Arkansas. The company provides freight transportation and supply chain solutions through a combination of asset-based and asset-light operations, serving businesses across North America and supporting select international shipping needs.

Its asset-based business is led by ABF Freight, a less-than-truckload carrier that transports palletized and industrial freight. ArcBest also offers expedited transportation, truckload and brokerage services, intermodal transportation, managed transportation, warehouse and distribution support, and supply chain consulting.