ArcBest (NASDAQ:ARCB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of ArcBest (NASDAQ:ARCB) from a buy rating to a strong-buy rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other analysts have also recently commented on ARCB. Truist Financial lowered their target price on shares of ArcBest from $165.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Citigroup reissued a “cautious” rating on shares of ArcBest in a research report on Wednesday, October 7th. Stephens upgraded shares of ArcBest to a “strong-buy” rating in a research note on Wednesday, July 8th. Citizens Jmp started coverage on shares of ArcBest in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 price target on the stock. Finally, Stifel Nicolaus decreased their price target on shares of ArcBest from $185.00 to $168.00 and set a “buy” rating for the company in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, ArcBest presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.15.

ArcBest Price Performance

Shares of ARCB stock opened at $130.96 on Friday. ArcBest has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 0.38 and a beta of 1.70. The stock’s 50-day simple moving average is $131.44 and its 200-day simple moving average is $124.47.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. ArcBest’s dividend payout ratio is currently 69.57%.

Insider Activity

In related news, VP Jason T. Parks sold 855 shares of ArcBest stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $135.09, for a total transaction of $115,501.95. Following the completion of the sale, the vice president owned 3,794 shares of the company’s stock, valued at $512,531.46. The trade was a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Judy R. Mcreynolds sold 2,857 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $138.98, for a total value of $397,065.86. Following the completion of the sale, the director owned 50,048 shares in the company, valued at approximately $6,955,671.04. This represents a 5.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 5,155 shares of company stock valued at $713,578. Company insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Several hedge funds and other institutional investors have recently bought and sold shares of ARCB. BlackRock Inc. acquired a new stake in ArcBest during the 2nd quarter valued at approximately $503,476,000. Dimensional Fund Advisors LP boosted its holdings in shares of ArcBest by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after acquiring an additional 47,848 shares during the last quarter. Maple Rock Capital Partners Inc. increased its stake in shares of ArcBest by 32.5% in the second quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company’s stock worth $76,901,000 after acquiring an additional 131,400 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of ArcBest in the second quarter worth $27,281,000. Finally, Empowered Funds LLC acquired a new stake in shares of ArcBest in the second quarter worth $20,787,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a multibillion-dollar logistics company headquartered in Fort Smith, Arkansas. The company provides freight transportation and supply chain solutions through a combination of asset-based and asset-light operations, serving businesses across North America and supporting select international shipping needs.

Its asset-based business is led by ABF Freight, a less-than-truckload carrier that transports palletized and industrial freight. ArcBest also offers expedited transportation, truckload and brokerage services, intermodal transportation, managed transportation, warehouse and distribution support, and supply chain consulting.