ArcBest (NASDAQ:ARCB) Hits New 12-Month High – Here’s What Happened

Shares of ArcBest Corporation (NASDAQ:ARCB) reached a new 52-week high on Thursday . The company traded as high as $135.45 and last traded at $136.32, with a volume of 44757 shares traded. The stock had previously closed at $133.37.

Analyst Upgrades and Downgrades

ARCB has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their target price on ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. UBS Group increased their target price on ArcBest from $98.00 to $122.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Jefferies Financial Group increased their target price on ArcBest from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. The Goldman Sachs Group raised their price target on ArcBest from $102.00 to $117.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Truist Financial raised their price target on ArcBest from $95.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, ArcBest has a consensus rating of “Moderate Buy” and an average price target of $123.42.

ArcBest Stock Performance

The stock has a market cap of $3.01 billion, a PE ratio of 55.59, a price-to-earnings-growth ratio of 0.70 and a beta of 1.55. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average price of $111.66 and a 200 day moving average price of $94.05.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 earnings per share. As a group, research analysts forecast that ArcBest Corporation will post 5.29 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. ArcBest’s dividend payout ratio (DPR) is presently 19.75%.

Institutional Investors Weigh In On ArcBest

A number of institutional investors have recently added to or reduced their stakes in ARCB. Johnson Investment Counsel Inc. bought a new stake in ArcBest during the third quarter valued at about $28,000. Smartleaf Asset Management LLC boosted its position in ArcBest by 26.9% during the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock valued at $47,000 after purchasing an additional 143 shares in the last quarter. Federated Hermes Inc. boosted its position in ArcBest by 126.6% during the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock valued at $75,000 after purchasing an additional 567 shares in the last quarter. Hantz Financial Services Inc. boosted its position in ArcBest by 507.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after purchasing an additional 934 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in ArcBest during the second quarter valued at about $85,000. Institutional investors own 99.27% of the company’s stock.

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.