ArcBest (NASDAQ:ARCB) Price Target Raised to $117.00

ArcBest (NASDAQ:ARCB) had its target price boosted by JPMorgan Chase & Co. from $85.00 to $117.00 in a report published on Wednesday,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

A number of other equities analysts have also weighed in on the stock. UBS Group boosted their price target on shares of ArcBest from $98.00 to $122.00 and gave the stock a “neutral” rating in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on ArcBest from $102.00 to $117.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus boosted their price objective on ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company boosted their price objective on ArcBest from $85.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Morgan Stanley reissued an “overweight” rating and set a $150.00 price objective on shares of ArcBest in a research note on Wednesday. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, ArcBest has an average rating of “Hold” and a consensus target price of $123.42.

ArcBest Stock Performance

ARCB opened at $125.82 on Wednesday. The firm has a market capitalization of $2.81 billion, a PE ratio of 51.78, a PEG ratio of 0.71 and a beta of 1.42. ArcBest has a twelve month low of $58.16 and a twelve month high of $135.10. The firm’s 50-day moving average price is $103.23 and its 200 day moving average price is $87.98. The company has a current ratio of 0.93, a quick ratio of 0.95 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results 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. The firm had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. ArcBest’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 earnings per share. As a group, sell-side analysts expect that ArcBest will post 5.16 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 8th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, May 8th. ArcBest’s dividend payout ratio is currently 19.75%.

Hedge Funds Weigh In On ArcBest

Several large investors have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its holdings in shares of ArcBest by 2,994.7% in the 1st quarter. Fifth Third Bancorp now owns 5,230 shares of the transportation company’s stock worth $514,000 after acquiring an additional 5,061 shares during the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of ArcBest by 11.8% in the 1st quarter. Kestra Advisory Services LLC now owns 7,202 shares of the transportation company’s stock worth $708,000 after acquiring an additional 760 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of ArcBest in the 1st quarter worth approximately $215,000. Strs Ohio lifted its stake in ArcBest by 38.9% during the 1st quarter. Strs Ohio now owns 10,000 shares of the transportation company’s stock worth $984,000 after acquiring an additional 2,800 shares in the last quarter. Finally, Inspire Investing LLC lifted its stake in ArcBest by 281.2% during the 1st quarter. Inspire Investing LLC now owns 23,903 shares of the transportation company’s stock worth $2,351,000 after acquiring an additional 17,633 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.