ArcBest (NASDAQ:ARCB) Upgraded to Neutral at Bank of America

Bank of America upgraded shares of ArcBest (NASDAQ:ARCB - Free Report) from an underperform rating to a neutral rating in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has $74.00 price target on the transportation company's stock, up from their previous price target of $63.00.

A number of other research analysts have also weighed in on the company. Citigroup reduced their target price on ArcBest from $83.00 to $66.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group reduced their price objective on shares of ArcBest from $120.00 to $95.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen upgraded shares of ArcBest from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Truist Financial reduced their price target 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. Finally, Stephens reaffirmed an "overweight" rating and issued a $116.00 price target on shares of ArcBest in a report on Tuesday, March 11th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $89.42.

ArcBest Stock Down 2.7%

ArcBest stock traded down $1.89 during trading on Tuesday, hitting $68.10. 209,600 shares of the company were exchanged, compared to its average volume of 309,189. The company has a market capitalization of $1.56 billion, a P/E ratio of 9.29, a PEG ratio of 1.70 and a beta of 1.68. The business's 50 day moving average is $63.58 and its 200 day moving average is $81.06. ArcBest has a 52 week low of $55.19 and a 52 week high of $129.83. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The company had revenue of $967.08 million during the quarter, compared to analysts' expectations of $990.03 million. During the same period last year, the firm posted $1.34 earnings per share. ArcBest's quarterly revenue was down 6.7% compared to the same quarter last year. Analysts predict that ArcBest will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.70%. ArcBest's dividend payout ratio is currently 6.35%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ARCB. Blue Trust Inc. raised its position in ArcBest by 146.3% in the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company's stock worth $28,000 after purchasing an additional 177 shares during the period. Signaturefd LLC grew its stake in shares of ArcBest by 477.6% during the first quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock valued at $27,000 after buying an additional 320 shares during the last quarter. CWM LLC raised its holdings in shares of ArcBest by 338.8% in the first quarter. CWM LLC now owns 452 shares of the transportation company's stock worth $32,000 after buying an additional 349 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of ArcBest by 471.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company's stock worth $51,000 after buying an additional 453 shares during the period. Finally, Curat Global LLC bought a new stake in shares of ArcBest during the 1st quarter worth approximately $82,000. Institutional investors own 99.27% of the company's stock.

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.