Bank of America Upgrades ArcBest (NASDAQ:ARCB) to "Neutral"

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 morning, Marketbeat reports. They currently have $74.00 price objective on the transportation company's stock, up from their prior price objective of $63.00.

ARCB has been the topic of a number of other reports. Stephens reiterated an "overweight" rating and issued a $116.00 price objective on shares of ArcBest in a report on Tuesday, March 11th. Wall Street Zen raised ArcBest from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Citigroup cut their price objective on ArcBest from $83.00 to $66.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and increased their target price for the stock from $84.00 to $101.00 in a research note on Monday, June 2nd. Finally, Truist Financial dropped 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. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $90.25.

ArcBest Trading Up 5.4%

ArcBest stock traded up $3.63 during trading on Tuesday, reaching $70.90. 412,094 shares of the company were exchanged, compared to its average volume of 309,645. The stock's 50 day simple moving average is $62.97 and its two-hundred day simple moving average is $81.83. The company has a market capitalization of $1.62 billion, a P/E ratio of 9.67, a PEG ratio of 1.70 and a beta of 1.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. ArcBest has a 52-week low of $55.19 and a 52-week high of $129.83.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings data 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). ArcBest had a net margin of 4.16% and a return on equity of 11.79%. The firm had revenue of $967.08 million during the quarter, compared to analysts' expectations of $990.03 million. During the same period in the prior year, the company posted $1.34 EPS. The company's revenue for the quarter was down 6.7% compared to the same quarter last year. On average, equities research analysts expect that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Friday, May 9th. ArcBest's dividend payout ratio is currently 6.35%.

Insider Activity at ArcBest

In other news, CFO John Matthew Beasley purchased 700 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the purchase, the chief financial officer now directly owns 8,142 shares of the company's stock, valued at $609,754.38. The trade was a 9.41% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ArcBest

A number of institutional investors and hedge funds have recently modified their holdings of ARCB. Signaturefd LLC lifted its holdings in ArcBest by 477.6% during the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after buying an additional 320 shares during the last quarter. Blue Trust Inc. boosted its holdings in ArcBest by 146.3% in the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company's stock valued at $28,000 after purchasing an additional 177 shares in the last quarter. CWM LLC boosted its holdings in ArcBest by 338.8% in the first quarter. CWM LLC now owns 452 shares of the transportation company's stock valued at $32,000 after purchasing an additional 349 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in ArcBest by 471.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company's stock valued at $51,000 after purchasing an additional 453 shares during the last quarter. Finally, Curat Global LLC acquired a new stake in ArcBest during the first quarter worth approximately $82,000. Institutional investors and hedge funds 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.