ArcBest (NASDAQ:ARCB) Price Target Raised to $85.00

ArcBest (NASDAQ:ARCB) had its price target increased by Stifel Nicolaus from $73.00 to $85.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the transportation company’s stock.

A number of other analysts have also issued reports on ARCB. Cowen reiterated a “hold” rating on shares of ArcBest in a research note on Wednesday, October 1st. Wells Fargo & Company cut their target price on shares of ArcBest from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. Citigroup reduced their target price on shares of ArcBest from $87.00 to $83.00 and set a “buy” rating on the stock in a report on Tuesday, December 2nd. Bank of America decreased their price target on shares of ArcBest from $73.00 to $72.00 and set a “neutral” rating for the company in a research report on Tuesday, December 2nd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of ArcBest in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $85.00.

ArcBest Stock Up 1.2%

Shares of NASDAQ ARCB opened at $80.47 on Tuesday. The company has a market capitalization of $1.81 billion, a P/E ratio of 19.11, a P/E/G ratio of 11.31 and a beta of 1.52. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.98. The company has a 50 day simple moving average of $69.94 and a 200-day simple moving average of $72.40. ArcBest has a 1 year low of $55.19 and a 1 year high of $103.96.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Wednesday, November 5th. The transportation company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.09. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. ArcBest had a return on equity of 8.24% and a net margin of 2.41%.The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.64 earnings per share. On average, equities research analysts predict that ArcBest will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date was Friday, November 14th. ArcBest’s payout ratio is 11.40%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its stake in shares of ArcBest by 433.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after buying an additional 312 shares during the period. Johnson Investment Counsel Inc. acquired a new position in ArcBest in the third quarter valued at $28,000. FNY Investment Advisers LLC purchased a new stake in ArcBest during the second quarter valued at about $51,000. Smartleaf Asset Management LLC increased its stake in ArcBest by 26.9% during the third 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 purchased a new position in shares of ArcBest in the 2nd quarter worth about $85,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Company Profile

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.