Brokerages Set ArcBest Corporation (NASDAQ:ARCB) Price Target at $154.23
by Teresa Graham · The Cerbat GemShares of ArcBest Corporation (NASDAQ:ARCB – Get Free Report) have earned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the firm, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $154.2308.
A number of research analysts have issued reports on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of ArcBest in a report on Tuesday, August 25th. Citizens Jmp started coverage on shares of ArcBest in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Zacks Research cut shares of ArcBest from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Finally, Stifel Nicolaus raised their price target on shares of ArcBest from $134.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st.
Get Our Latest Report on ArcBest
Insider Transactions at ArcBest
In other news, insider Erin Gattis sold 6,163 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total transaction of $862,820.00. Following the sale, the insider directly owned 24,286 shares in the company, valued at $3,400,040. This trade represents a 20.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Judy McReynolds sold 2,857 shares of ArcBest stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $138.98, for a total value of $397,065.86. Following the completion of the transaction, the director owned 50,048 shares of the company’s stock, valued at approximately $6,955,671.04. This represents a 5.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,818 shares of company stock valued at $1,793,568 in the last ninety days. 0.98% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in ArcBest in the 2nd quarter valued at $503,476,000. Dimensional Fund Advisors LP raised its position in ArcBest by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock worth $137,429,000 after acquiring an additional 47,848 shares during the period. Maple Rock Capital Partners Inc. raised its position in ArcBest by 32.5% during the second quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company’s stock worth $76,901,000 after acquiring an additional 131,400 shares during the period. Bank of New York Mellon Corp acquired a new position in ArcBest during the second quarter worth $27,281,000. Finally, Empowered Funds LLC purchased a new position in ArcBest during the second quarter valued at $20,787,000. 99.27% of the stock is owned by institutional investors and hedge funds.
ArcBest Price Performance
Shares of ARCB opened at $129.97 on Friday. The business’s 50-day moving average is $142.64 and its two-hundred day moving average is $129.15. The company has a market capitalization of $2.90 billion, a P/E ratio of 188.36, a P/E/G ratio of 0.41 and a beta of 1.55. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. ArcBest has a fifty-two week low of $59.43 and a fifty-two week high of $176.69.
ArcBest (NASDAQ:ARCB – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Research analysts predict that ArcBest will post 6.98 earnings per share for the current year.
ArcBest Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were given a $0.12 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. ArcBest’s dividend payout ratio is 69.57%.
About ArcBest
ArcBest Corporation (NASDAQ: ARCB) is a North American logistics company headquartered in Fort Smith, Arkansas. Through its subsidiaries and service offerings, the company provides freight transportation, supply chain management and logistics solutions for businesses of various sizes.
Its asset-based operations are primarily conducted through ABF Freight, a less-than-truckload carrier that transports palletized and other freight across the United States, Canada and Mexico. ABF Freight offers regional, interregional and long-haul services, as well as time-critical, expedited, guaranteed and specialized transportation solutions.
ArcBest also provides asset-light logistics services, including truckload, expedited, final-mile, intermodal, international and managed transportation solutions.
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