ArcBest Corporation (NASDAQ:ARCB) Receives $154.23 Average Target Price from Brokerages

Shares of ArcBest Corporation (NASDAQ:ARCB) have received a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $154.2308.

ARCB has been the subject of several recent research reports. Citigroup reiterated a “market outperform” rating on shares of ArcBest in a research report on Wednesday, August 26th. Citizens Jmp began coverage on ArcBest in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 price target on the stock. Morgan Stanley increased their target price on shares of ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Truist Financial upped their price target on shares of ArcBest from $145.00 to $165.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th.

Insider Activity

In other news, Director Judy McReynolds sold 2,857 shares of ArcBest stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $138.98, for a total transaction of $397,065.86. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Erin Gattis sold 6,163 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the transaction, the insider directly owned 24,286 shares of the company’s stock, valued at $3,400,040. The trade was a 20.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 11,963 shares of company stock worth $1,678,066. Insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently bought and sold shares of ARCB. California State Teachers Retirement System increased its position in shares of ArcBest by 13,875.0% during the second quarter. California State Teachers Retirement System now owns 3,762,901 shares of the transportation company’s stock valued at $540,127,000 after buying an additional 3,735,975 shares during the period. BlackRock Inc. purchased a new stake in ArcBest in the second quarter worth about $503,476,000. Dimensional Fund Advisors LP boosted its position in ArcBest by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after acquiring an additional 47,848 shares in the last quarter. Maple Rock Capital Partners Inc. boosted its position in ArcBest by 32.5% during 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 in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of ArcBest during the 2nd quarter worth approximately $27,281,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Stock Performance

NASDAQ ARCB opened at $135.69 on Friday. The company’s 50 day moving average is $143.17 and its 200-day moving average is $128.68. ArcBest has a 12-month low of $59.43 and a 12-month high of $176.69. 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 firm has a market cap of $3.03 billion, a P/E ratio of 196.65, a price-to-earnings-growth ratio of 0.41 and a beta of 1.55.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the company posted $1.36 EPS. ArcBest’s revenue was up 15.9% compared to the same quarter last year. Sell-side analysts predict that ArcBest will post 6.95 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, August 7th. ArcBest’s dividend payout ratio is currently 69.57%.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a North American logistics company headquartered in Fort Smith, Arkansas. Through its subsidiaries and service offerings, the company provides freight transportation, supply chain management and logistics solutions for businesses of various sizes.

Its asset-based operations are primarily conducted through ABF Freight, a less-than-truckload carrier that transports palletized and other freight across the United States, Canada and Mexico. ABF Freight offers regional, interregional and long-haul services, as well as time-critical, expedited, guaranteed and specialized transportation solutions.

ArcBest also provides asset-light logistics services, including truckload, expedited, final-mile, intermodal, international and managed transportation solutions.