ArcBest (NASDAQ:ARCB) Price Target Raised to $81.00

ArcBest (NASDAQ:ARCB) had its target price increased by JPMorgan Chase & Co. from $76.00 to $81.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the transportation company’s stock.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus increased their price target on ArcBest from $85.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Jefferies Financial Group increased their price objective on ArcBest from $95.00 to $110.00 and gave the company a “buy” rating in a report on Monday. Stephens set a $85.00 target price on shares of ArcBest in a research note on Tuesday, January 6th. TD Cowen reaffirmed a “hold” rating on shares of ArcBest in a research report on Friday, January 9th. Finally, Bank of America increased their price target on shares of ArcBest from $72.00 to $84.00 and gave the company a “neutral” rating in a research note on Tuesday, December 23rd. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $97.00.

ArcBest Stock Up 5.6%

NASDAQ:ARCB opened at $109.55 on Monday. The company has a market cap of $2.47 billion, a PE ratio of 41.97, a PEG ratio of 13.51 and a beta of 1.54. ArcBest has a 52-week low of $55.19 and a 52-week high of $109.95. The stock has a 50-day simple moving average of $81.29 and a 200 day simple moving average of $75.14. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.95.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The business had revenue of $972.69 million during the quarter, compared to analyst estimates of $963.74 million. During the same quarter last year, the business earned $1.33 earnings per share. ArcBest’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Tuesday, February 10th. ArcBest’s dividend payout ratio is currently 18.39%.

Institutional Investors Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently made changes to their positions in ARCB. Farther Finance Advisors LLC increased its stake in ArcBest by 433.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock worth $30,000 after acquiring an additional 312 shares during the period. Johnson Investment Counsel Inc. bought a new position in ArcBest in the third quarter valued at about $28,000. FNY Investment Advisers LLC bought a new stake in shares of ArcBest during the second quarter worth $51,000. Smartleaf Asset Management LLC grew its position in ArcBest by 26.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after acquiring an additional 143 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of ArcBest during the second quarter valued at about $85,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

About ArcBest

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.