Brokerages Set ArcBest Corporation (NASDAQ:ARCB) Price Target at $97.17

ArcBest Corporation (NASDAQ:ARCB) has received a consensus rating of “Hold” from the fourteen research firms that are currently covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $99.00.

Several research firms recently commented on ARCB. TD Cowen reaffirmed a “hold” rating on shares of ArcBest in a report on Friday, January 9th. Wells Fargo & Company increased their price target on ArcBest from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Sunday, February 1st. Truist Financial increased their price target on ArcBest from $85.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Bank of America increased their price target on ArcBest from $72.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, December 23rd. Finally, UBS Group reaffirmed a “neutral” rating and issued a $98.00 price target on shares of ArcBest in a report on Wednesday, February 4th.

Institutional Investors Weigh In On ArcBest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. SG Americas Securities LLC increased its stake in ArcBest by 51.5% during the first quarter. SG Americas Securities LLC now owns 11,267 shares of the transportation company’s stock worth $1,108,000 after purchasing an additional 3,830 shares during the period. Pullen Investment Management LLC acquired a new position in ArcBest during the 1st quarter worth $2,826,000. Invesco Ltd. grew its stake in ArcBest by 625.4% during the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after purchasing an additional 793,607 shares in the last quarter. Vident Advisory LLC grew its stake in ArcBest by 6.4% during the 4th quarter. Vident Advisory LLC now owns 9,097 shares of the transportation company’s stock worth $675,000 after purchasing an additional 548 shares in the last quarter. Finally, VARCOV Co. acquired a new position in ArcBest during the 4th quarter worth $959,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Stock Performance

NASDAQ ARCB opened at $118.64 on Wednesday. The company has a market cap of $2.65 billion, a PE ratio of 45.46, a price-to-earnings-growth ratio of 0.80 and a beta of 1.42. The stock’s 50 day simple moving average is $99.96 and its 200-day simple moving average is $84.77. ArcBest has a 1-year low of $55.19 and a 1-year high of $119.74. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.95 and a quick ratio of 0.95.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, January 30th. The transportation company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The company had revenue of $972.69 million during the quarter, compared to analyst estimates of $963.74 million. During the same period in the prior year, the business posted $1.33 EPS. ArcBest’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.48 annualized dividend and a yield of 0.4%. ArcBest’s dividend payout ratio (DPR) is 18.39%.

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.