Bank of America Increases ArcBest (NASDAQ:ARCB) Price Target to $143.00

ArcBest (NASDAQ:ARCB) had its price target lifted by Bank of America from $141.00 to $143.00 in a report published on Monday morning, Benzinga reports. Bank of America currently has an underperform rating on the transportation company’s stock.

Other equities research analysts have also recently issued reports about the stock. The Goldman Sachs Group boosted their price objective on shares of ArcBest from $133.00 to $149.00 and gave the company a neutral rating in a research report on Thursday, April 11th. UBS Group boosted their price objective on shares of ArcBest from $119.00 to $150.00 and gave the company a neutral rating in a research report on Friday, February 16th. Morgan Stanley boosted their price objective on shares of ArcBest from $155.00 to $175.00 and gave the company an overweight rating in a research report on Wednesday, February 7th. TD Cowen lifted their price target on shares of ArcBest from $141.00 to $178.00 and gave the company an outperform rating in a research note on Wednesday, February 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of ArcBest in a research note on Monday, January 29th. They issued a buy rating and a $148.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $151.54.

ArcBest Trading Down 2.7 %

Shares of NASDAQ ARCB opened at $136.24 on Monday. The company’s fifty day moving average is $140.66 and its 200-day moving average is $123.38. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 0.64 and a beta of 1.49. ArcBest has a twelve month low of $82.18 and a twelve month high of $153.60. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.22 by $0.25. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.09 billion. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The business’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period last year, the firm posted $2.45 earnings per share. Equities research analysts predict that ArcBest will post 10.05 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a $0.12 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a yield of 0.35%. ArcBest’s dividend payout ratio (DPR) is currently 6.07%.

Insider Activity at ArcBest

In related news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $141.58, for a total value of $283,160.00. Following the transaction, the insider now owns 32,247 shares in the company, valued at approximately $4,565,530.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its stake in ArcBest by 9.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after buying an additional 14,463 shares during the last quarter. Oliver Luxxe Assets LLC boosted its holdings in ArcBest by 1.6% in the 1st quarter. Oliver Luxxe Assets LLC now owns 8,216 shares of the transportation company’s stock valued at $1,171,000 after purchasing an additional 129 shares during the period. Contravisory Investment Management Inc. boosted its holdings in ArcBest by 70.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in ArcBest by 2.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,369 shares of the transportation company’s stock valued at $1,608,000 after purchasing an additional 266 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in ArcBest in the 4th quarter valued at about $262,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.