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

Shares of ArcBest Corporation (NASDAQ:ARCB) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $174.03 and last traded at $172.67, with a volume of 364951 shares. The stock had previously closed at $165.16.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ARCB shares. The Goldman Sachs Group raised their price target on ArcBest from $102.00 to $117.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. TD Cowen raised their price target on shares of ArcBest from $137.00 to $175.00 and gave the stock a “hold” rating in a research note on Tuesday. Citigroup raised their price target on shares of ArcBest from $122.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 price target on shares of ArcBest in a research note on Wednesday, April 29th. 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 note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, ArcBest has an average rating of “Moderate Buy” and an average target price of $137.08.

ArcBest Trading Up 4.5%

The stock’s 50 day moving average is $124.90 and its two-hundred day moving average is $100.89. The company has a market capitalization of $3.84 billion, a PE ratio of 71.06, a price-to-earnings-growth ratio of 0.78 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.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The company had revenue of $998.79 million during the quarter, compared to analyst estimates of $999.07 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, sell-side analysts predict that ArcBest Corporation will post 5.66 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.12 dividend. 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 0.3%. ArcBest’s payout ratio is 19.75%.

Hedge Funds Weigh In On ArcBest

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in ArcBest by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock worth $181,852,000 after buying an additional 6,808 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in ArcBest by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock worth $137,429,000 after buying an additional 47,848 shares in the last quarter. Invesco Ltd. grew its stake in ArcBest by 625.4% in the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock valued at $68,292,000 after purchasing an additional 793,607 shares during the last quarter. American Century Companies Inc. grew its stake in ArcBest by 9.6% in the third quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock valued at $57,090,000 after purchasing an additional 71,420 shares during the last quarter. Finally, Turtle Creek Asset Management Inc. purchased a new position in ArcBest in the third quarter valued at about $39,508,000. Institutional investors own 99.27% of the company’s stock.

ArcBest Company Profile

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.