ArcBest (NASDAQ:ARCB) Price Target Raised to $90.00

ArcBest (NASDAQ:ARCB - Free Report) had its price objective hoisted by Wells Fargo & Company from $60.00 to $90.00 in a research note released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the transportation company's stock.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group reaffirmed a "buy" rating and issued a $85.00 price target (up previously from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. Truist Financial decreased their target price on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Stifel Nicolaus decreased their target price on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Bank of America upgraded shares of ArcBest from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $63.00 to $74.00 in a research report on Tuesday, June 10th. Finally, Wall Street Zen upgraded shares of ArcBest from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $91.92.

ArcBest Stock Performance

Shares of NASDAQ ARCB traded down $3.79 during midday trading on Monday, reaching $79.24. The company had a trading volume of 435,581 shares, compared to its average volume of 319,693. The business's 50-day simple moving average is $67.64 and its 200 day simple moving average is $76.98. The stock has a market cap of $1.82 billion, a P/E ratio of 10.48, a P/E/G ratio of 0.88 and a beta of 1.71. ArcBest has a 1 year low of $55.19 and a 1 year high of $129.83. 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 posted its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The company had revenue of $967.08 million during the quarter, compared to analysts' expectations of $990.03 million. ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The company's quarterly revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 EPS. On average, analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest's payout ratio is 6.35%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ARCB. Nuveen LLC acquired a new stake in ArcBest in the 1st quarter valued at about $18,460,000. Westwood Holdings Group Inc. raised its holdings in ArcBest by 36.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock valued at $61,353,000 after acquiring an additional 233,409 shares during the last quarter. Alliancebernstein L.P. raised its holdings in ArcBest by 9.4% in the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company's stock valued at $240,011,000 after acquiring an additional 220,325 shares during the last quarter. Ancora Advisors LLC raised its holdings in ArcBest by 1,812.9% in the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company's stock valued at $14,440,000 after acquiring an additional 193,892 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new stake in ArcBest in the 1st quarter valued at about $9,202,000. 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.