ArcBest (NASDAQ:ARCB) Price Target Cut to $110.00 by Analysts at Bank of America

ArcBest (NASDAQ:ARCB - Free Report) had its price target trimmed by Bank of America from $143.00 to $110.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has an underperform rating on the transportation company's stock.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus upped their price target on shares of ArcBest from $153.00 to $159.00 and gave the company a buy rating in a research note on Wednesday, February 7th. Morgan Stanley lifted their price objective on ArcBest from $155.00 to $175.00 and gave the company an overweight rating in a report on Wednesday, February 7th. TD Cowen reduced their target price on ArcBest from $177.00 to $148.00 and set a buy rating on the stock in a report on Wednesday. Stephens boosted their price target on ArcBest from $165.00 to $205.00 and gave the company an overweight rating in a research note on Wednesday, February 7th. Finally, StockNews.com upgraded shares of ArcBest from a hold rating to a buy rating in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $143.38.

ArcBest Stock Performance

NASDAQ:ARCB traded down $2.55 during mid-day trading on Wednesday, hitting $108.36. The stock had a trading volume of 563,228 shares, compared to its average volume of 317,799. The company's 50 day simple moving average is $139.19 and its 200 day simple moving average is $125.72. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 0.56 and a beta of 1.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.26 and a current ratio of 1.26. ArcBest has a twelve month low of $82.18 and a twelve month high of $153.60.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share for the quarter, missing analysts' consensus estimates of $1.53 by ($0.19). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The firm's revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the company posted $1.58 EPS. On average, equities research analysts forecast that ArcBest will post 10.05 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be paid a $0.12 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.44%. ArcBest's dividend payout ratio is 6.07%.

Insider Activity at ArcBest

In related news, insider Erin K. Gattis sold 2,000 shares of the company's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $141.58, for a total value of $283,160.00. Following the sale, the insider now directly owns 32,247 shares in the company, valued at $4,565,530.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ARCB. Cooper Creek Partners Management LLC bought a new stake in ArcBest in the third quarter worth approximately $29,108,000. Allspring Global Investments Holdings LLC increased its stake in ArcBest by 175.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 195,270 shares of the transportation company's stock valued at $19,849,000 after purchasing an additional 124,354 shares in the last quarter. Wellington Management Group LLP acquired a new position in ArcBest during the 3rd quarter worth approximately $10,561,000. Norges Bank bought a new position in ArcBest in the fourth quarter worth approximately $9,298,000. Finally, Moody Aldrich Partners LLC bought a new stake in shares of ArcBest during the third quarter valued at approximately $5,835,000. 99.27% of the stock is owned by institutional investors.

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.