ArcBest (NASDAQ:ARCB) Price Target Raised to $84.00

ArcBest (NASDAQ:ARCB) had its price target upped by Bank of America from $72.00 to $84.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

A number of other research firms have also recently commented on ARCB. Cowen reissued a “hold” rating on shares of ArcBest in a research note on Wednesday, October 1st. Stifel Nicolaus increased their price objective on shares of ArcBest from $73.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Citigroup decreased their target price on shares of ArcBest from $87.00 to $83.00 and set a “buy” rating for the company in a report on Tuesday, December 2nd. Stephens cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price target on the stock. in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $86.00.

ArcBest Stock Performance

ArcBest stock opened at $76.69 on Tuesday. ArcBest has a 1-year low of $55.19 and a 1-year high of $103.63. The firm has a market cap of $1.73 billion, a P/E ratio of 18.21, a P/E/G ratio of 12.63 and a beta of 1.52. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average of $70.49 and a 200-day moving average of $72.88.

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

ArcBest Dividend Announcement

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

Institutional Investors Weigh In On ArcBest

Hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Private Wealth Group LLC raised its position in ArcBest by 39.5% in the third quarter. CIBC Private Wealth Group LLC now owns 3,749 shares of the transportation company’s stock worth $262,000 after acquiring an additional 1,062 shares during the period. CIBC Bancorp USA Inc. bought a new position in ArcBest in the 3rd quarter worth $439,000. Jacobs Levy Equity Management Inc. grew its holdings in ArcBest by 4.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company’s stock valued at $36,394,000 after purchasing an additional 24,102 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in ArcBest by 8.8% during the third quarter. CANADA LIFE ASSURANCE Co now owns 24,097 shares of the transportation company’s stock valued at $1,673,000 after purchasing an additional 1,955 shares during the period. Finally, Woodline Partners LP purchased a new stake in ArcBest in the third quarter worth about $1,807,000. Hedge funds and other 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.