Stifel Nicolaus Forecasts Strong Price Appreciation for ArcBest (NASDAQ:ARCB) Stock

ArcBest (NASDAQ:ARCB - Free Report) had its target price hoisted by Stifel Nicolaus from $83.00 to $93.00 in a report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the transportation company's stock.

Several other research firms also recently commented on ARCB. Wells Fargo & Company raised their price objective on ArcBest from $60.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. JPMorgan Chase & Co. raised their price objective on ArcBest from $75.00 to $89.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Truist Financial reduced their price objective on ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. The Goldman Sachs Group upgraded ArcBest from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $84.00 to $101.00 in a report on Monday, June 2nd. Finally, Citigroup raised their price objective on ArcBest from $67.00 to $89.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $94.00.

ArcBest Trading Up 1.0%

Shares of NASDAQ ARCB traded up $0.86 during mid-day trading on Thursday, reaching $84.15. The company had a trading volume of 480,819 shares, compared to its average volume of 399,772. The business's 50-day moving average is $72.15 and its 200-day moving average is $76.18. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 0.89 and a beta of 1.71. ArcBest has a 52 week low of $55.19 and a 52 week high of $129.83.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The firm had revenue of $967.08 million for 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 revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 earnings per share. Equities analysts expect that ArcBest will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.48 annualized dividend and a yield of 0.57%. ArcBest's dividend payout ratio (DPR) is 6.35%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARCB. Nuveen LLC acquired a new position in shares of ArcBest in the 1st quarter valued at $18,460,000. Westwood Holdings Group Inc. grew its stake in ArcBest by 36.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock valued at $61,353,000 after purchasing an additional 233,409 shares during the last quarter. Alliancebernstein L.P. grew its stake in ArcBest by 9.4% during the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company's stock valued at $240,011,000 after purchasing an additional 220,325 shares during the last quarter. Ancora Advisors LLC grew its stake in ArcBest by 1,812.9% during the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company's stock valued at $14,440,000 after purchasing an additional 193,892 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in ArcBest during the 1st quarter valued at about $9,202,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

About ArcBest

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.