ArcBest (NASDAQ:ARCB) Earns Buy Rating from Analysts at Truist Financial

Truist Financial initiated coverage on shares of ArcBest (NASDAQ:ARCB) in a research note published on Thursday morning, MarketBeat reports. The firm issued a buy rating and a $93.00 price target on the transportation company’s stock.

Other analysts have also recently issued research reports about the stock. Bank of America lowered their target price on shares of ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a research note on Wednesday. Stifel Nicolaus upped their price objective on shares of ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Morgan Stanley decreased their price objective on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. UBS Group decreased their price objective on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Finally, Wells Fargo & Company decreased their price objective on shares of ArcBest from $105.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $108.33.

ArcBest Stock Performance

NASDAQ ARCB opened at $73.35 on Thursday. The stock has a market cap of $1.70 billion, a P/E ratio of 10.01, a PEG ratio of 1.70 and a beta of 1.54. The company’s 50-day simple moving average is $90.03 and its 200 day simple moving average is $99.98. ArcBest has a twelve month low of $70.96 and a twelve month high of $153.61. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same period in the previous year, the company earned $2.47 EPS. As a group, research analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, February 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.65%. ArcBest’s payout ratio is 6.55%.

Insider Activity at ArcBest

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. This represents a 9.41 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ArcBest

Several large investors have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in ArcBest in the fourth quarter valued at approximately $2,994,000. Mackenzie Financial Corp raised its holdings in ArcBest by 71.0% in the fourth quarter. Mackenzie Financial Corp now owns 15,449 shares of the transportation company’s stock worth $1,442,000 after purchasing an additional 6,412 shares during the period. Public Employees Retirement System of Ohio raised its holdings in ArcBest by 3.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 35,270 shares of the transportation company’s stock worth $3,291,000 after purchasing an additional 1,146 shares during the period. Zimmer Partners LP raised its holdings in ArcBest by 23.5% in the fourth quarter. Zimmer Partners LP now owns 105,000 shares of the transportation company’s stock worth $9,799,000 after purchasing an additional 20,000 shares during the period. Finally, Westwood Holdings Group Inc. raised its holdings in ArcBest by 2.6% in the fourth quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock worth $59,338,000 after purchasing an additional 16,239 shares during the period. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.