ArcBest (NASDAQ:ARCB) Stock Price Up 5.4% After Analyst Upgrade

ArcBest Corporation (NASDAQ:ARCB) was up 5.4% during trading on Thursday after Truist Financial raised their price target on the stock from $145.00 to $165.00. Truist Financial currently has a buy rating on the stock. ArcBest traded as high as $156.66 and last traded at $155.5030. Approximately 13,825 shares changed hands during trading, a decline of 96% from the average session volume of 367,386 shares. The stock had previously closed at $147.47.

A number of other brokerages have also recently issued reports on ARCB. The Goldman Sachs Group upped their price objective on ArcBest from $117.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Stephens raised shares of ArcBest to a “strong-buy” rating in a research note on Wednesday, July 8th. Wall Street Zen raised shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Citizens Jmp began coverage on shares of ArcBest in a research note on Wednesday. They issued a “market outperform” rating and a $180.00 price target for the company. Finally, Morgan Stanley lifted their price objective on shares of ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $151.85.

Hedge Funds Weigh In On ArcBest

Large investors have recently modified their holdings of the stock. Glenmede Trust Co. NA lifted its position in ArcBest by 1.5% during the first quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company’s stock worth $606,000 after purchasing an additional 93 shares during the period. Federation des caisses Desjardins du Quebec increased its holdings in ArcBest by 0.4% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 22,995 shares of the transportation company’s stock valued at $1,706,000 after buying an additional 100 shares during the period. Seelaus Asset Management LLC increased its holdings in ArcBest by 3.5% in the 4th quarter. Seelaus Asset Management LLC now owns 3,710 shares of the transportation company’s stock valued at $275,000 after buying an additional 125 shares during the period. PNC Financial Services Group Inc. raised its position in shares of ArcBest by 8.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company’s stock valued at $175,000 after buying an additional 134 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of ArcBest by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 4,431 shares of the transportation company’s stock valued at $329,000 after buying an additional 135 shares in the last quarter. 99.27% of the stock is owned by institutional investors.

ArcBest Stock Performance

The stock’s fifty day moving average price is $141.09 and its two-hundred day moving average price is $113.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $3.46 billion, a P/E ratio of 64.04, a P/E/G ratio of 0.66 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating 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 business had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. During the same period last year, the firm posted $0.51 earnings per share. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that ArcBest Corporation will post 6.11 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s dividend payout ratio (DPR) is currently 19.75%.

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.