ArcBest (NASDAQ:ARCB - Free Report) had its price target raised by JPMorgan Chase & Co. from $75.00 to $89.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the transportation company's stock.
A number of other brokerages also recently issued reports on ARCB. Wells Fargo & Company raised their price objective on ArcBest from $60.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Monday. Stephens reiterated an "overweight" rating and set a $116.00 price target on shares of ArcBest in a research report on Tuesday, March 11th. Stifel Nicolaus dropped their target price on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Truist Financial decreased their price target on ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group raised ArcBest from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $84.00 to $101.00 in a research note on Monday, June 2nd. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $91.25.
Read Our Latest Stock Report on ArcBest
ArcBest Trading Up 4.7%
ArcBest stock traded up $3.72 during midday trading on Tuesday, hitting $82.96. 554,541 shares of the stock were exchanged, compared to its average volume of 320,679. ArcBest has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 0.84 and a beta of 1.71. The stock's 50-day simple moving average is $68.16 and its 200 day simple moving average is $77.02. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11.
ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The firm had revenue of $967.08 million for the quarter, compared to analyst estimates of $990.03 million. During the same quarter in the previous year, the business posted $1.34 earnings per share. ArcBest's revenue for the quarter was down 6.7% on a year-over-year basis. On average, equities analysts anticipate that ArcBest will post 7 EPS for the current year.
ArcBest Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were issued a $0.12 dividend. The ex-dividend date was Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. ArcBest's payout ratio is currently 6.35%.
Institutional Investors Weigh In On ArcBest
Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in ArcBest by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company's stock worth $258,601,000 after purchasing an additional 20,665 shares in the last quarter. Alliancebernstein L.P. raised its holdings in ArcBest by 3.6% during the first quarter. Alliancebernstein L.P. now owns 2,664,431 shares of the transportation company's stock worth $188,056,000 after purchasing an additional 92,514 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in ArcBest by 36.7% during the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock worth $61,353,000 after purchasing an additional 233,409 shares in the last quarter. American Century Companies Inc. raised its holdings in ArcBest by 11.5% during the first quarter. American Century Companies Inc. now owns 689,895 shares of the transportation company's stock worth $48,693,000 after purchasing an additional 70,976 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in ArcBest by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 436,921 shares of the transportation company's stock worth $30,838,000 after purchasing an additional 10,766 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company's stock.
About ArcBest
(
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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.
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