ArcBest (NASDAQ:ARCB) Price Target Cut to $110.00 by Analysts at Bank of America

ArcBest (NASDAQ:ARCB) had its target price lowered by Bank of America from $143.00 to $110.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an underperform rating on the transportation company’s stock.

Several other analysts also recently weighed in on ARCB. Morgan Stanley increased their target price on ArcBest from $155.00 to $175.00 and gave the company an overweight rating in a research note on Wednesday, February 7th. Stephens raised their price objective on ArcBest from $165.00 to $205.00 and gave the stock an overweight rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. reduced their price objective on ArcBest from $164.00 to $145.00 and set an overweight rating for the company in a research report on Wednesday. Stifel Nicolaus raised their price objective on ArcBest from $153.00 to $159.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on ArcBest in a research report on Monday, January 29th. They issued a buy rating and a $148.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $143.38.

ArcBest Price Performance

Shares of NASDAQ:ARCB opened at $108.36 on Wednesday. The business has a 50 day moving average price of $138.58 and a 200 day moving average price of $125.60. ArcBest has a twelve month low of $82.18 and a twelve month high of $153.60. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.56 and a beta of 1.49. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.19). ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company earned $1.58 EPS. ArcBest’s revenue for the quarter was down 6.3% compared to the same quarter last year. Research analysts predict that ArcBest will post 10.05 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Friday, May 10th will be issued a $0.12 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.44%. ArcBest’s payout ratio is presently 6.07%.

Insider Transactions at ArcBest

In other news, insider Erin K. Gattis sold 2,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $141.58, for a total value of $283,160.00. Following the completion of the transaction, the insider now directly owns 32,247 shares of the company’s stock, valued at approximately $4,565,530.26. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ArcBest

Hedge funds and other institutional investors have recently bought and sold shares of the business. Contravisory Investment Management Inc. increased its holdings in ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in ArcBest by 49.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Allworth Financial LP increased its holdings in ArcBest by 15,450.0% during the 3rd quarter. Allworth Financial LP now owns 311 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 309 shares in the last quarter. GAMMA Investing LLC acquired a new stake in ArcBest during the 4th quarter valued at $39,000. Finally, Parallel Advisors LLC increased its holdings in ArcBest by 45.8% during the 4th quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after purchasing an additional 114 shares in the last quarter. 99.27% of the stock is 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.