ArcBest (NASDAQ:ARCB) Trading Up 5.4% on Analyst Upgrade

Key Points

• ArcBest shares climbed 5.4% after Truist Financial raised its price target from $145 to $165 and reiterated a buy rating. The stock traded as high as $156.66, above its previous close of $147.47.
• Analyst sentiment remains constructive overall, with ArcBest now carrying an average Moderate Buy rating and an average price target of $151.85. Several firms have recently boosted targets or ratings, including Stephens upgrading the stock to strong-buy.
• The company’s latest quarterly results beat EPS expectations, reporting $0.32 per share versus the expected $0.27, while revenue came in near estimates at $998.79 million. ArcBest also recently paid a quarterly dividend of $0.12 per share.

ArcBest Corporation (NASDAQ:ARCB - Get Free Report)'s stock price rose 5.4% during mid-day trading on Thursday after Truist Financial raised their price target on the stock from $145.00 to $165.00. Truist Financial currently has a buy rating on the stock. ArcBest traded as high as $156.66 and last traded at $155.5030. Approximately 13,825 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 367,386 shares. The stock had previously closed at $147.47.

Other equities analysts have also issued reports about the company. Wall Street Zen upgraded ArcBest from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Wells Fargo & Company raised their target price on shares of ArcBest from $130.00 to $150.00 and gave the stock an "equal weight" rating in a report on Friday, June 5th. Bank of America lifted their price target on shares of ArcBest from $138.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, June 5th. JPMorgan Chase & Co. upped their price target on shares of ArcBest from $117.00 to $147.00 and gave the company a "neutral" rating in a report on Monday, June 8th. Finally, Stephens raised shares of ArcBest to a "strong-buy" rating in a research report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $151.85.

Institutional Investors Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently bought and sold shares of ARCB. Invesco Ltd. grew its stake in shares of ArcBest by 625.4% during the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company's stock worth $68,292,000 after acquiring an additional 793,607 shares in the last quarter. Turtle Creek Asset Management Inc. acquired a new stake in shares of ArcBest in the third quarter valued at approximately $39,508,000. Principal Financial Group Inc. lifted its position in shares of ArcBest by 349.9% in the fourth quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company's stock worth $36,634,000 after purchasing an additional 384,024 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of ArcBest by 158.7% in the second quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company's stock worth $37,740,000 after purchasing an additional 300,642 shares in the last quarter. Finally, Encompass Capital Advisors LLC acquired a new position in ArcBest during the fourth quarter worth $20,402,000. Institutional investors and hedge funds own 99.27% of the company's stock.

ArcBest Price Performance

The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 64.04, a PEG ratio of 0.66 and a beta of 1.57. The company's fifty day moving average is $141.09 and its 200 day moving average is $113.73. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. During the same period in the previous year, the business earned $0.51 EPS. The company's revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts predict that ArcBest Corporation will post 6.11 EPS for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, May 8th. ArcBest's dividend payout ratio is presently 19.75%.

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.

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