ArcBest (NASDAQ:ARCB) Earns Buy Rating from Analysts at Stifel Nicolaus

Stifel Nicolaus initiated coverage on shares of ArcBest (NASDAQ:ARCB) in a research report report published on Monday, The Fly reports. The firm issued a buy rating on the transportation company’s stock.

Several other equities analysts have also commented on the stock. Truist Securities increased their price objective on shares of ArcBest from $55.00 to $84.00 and gave the company a buy rating in a research report on Thursday, April 15th. The Goldman Sachs Group lowered shares of ArcBest from a buy rating to a neutral rating and lowered their price objective for the company from $83.00 to $71.00 in a research report on Monday, June 7th. Vertical Research upgraded shares of ArcBest from a hold rating to a buy rating and set a $85.00 price objective for the company in a research report on Tuesday, June 8th. Cowen increased their price objective on shares of ArcBest from $72.00 to $88.00 and gave the company an outperform rating in a research report on Wednesday, May 5th. Finally, Zacks Investment Research upgraded shares of ArcBest from a hold rating to a buy rating and set a $88.00 price objective for the company in a research report on Monday, May 31st. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. ArcBest presently has an average rating of Buy and a consensus price target of $69.15.

Shares of NASDAQ:ARCB opened at $55.89 on Monday. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.24. The stock’s fifty day moving average is $73.36. ArcBest has a fifty-two week low of $23.21 and a fifty-two week high of $93.96. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 16.06, a price-to-earnings-growth ratio of 0.70 and a beta of 1.84.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Monday, May 3rd. The transportation company reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.42. ArcBest had a net margin of 3.02% and a return on equity of 12.68%. The firm had revenue of $829.21 million during the quarter, compared to analyst estimates of $801.09 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. ArcBest’s revenue for the quarter was up 18.2% on a year-over-year basis. Equities research analysts anticipate that ArcBest will post 5.09 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, May 27th. Investors of record on Thursday, May 13th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.57%. The ex-dividend date was Wednesday, May 12th. ArcBest’s dividend payout ratio is presently 9.91%.

In related news, insider Daniel E. Loe sold 8,696 shares of the firm’s stock in a transaction dated Tuesday, June 1st. The shares were sold at an average price of $80.92, for a total value of $703,680.32. Following the transaction, the insider now owns 37,515 shares of the company’s stock, valued at approximately $3,035,713.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven Spinner sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, May 25th. The shares were sold at an average price of $76.80, for a total transaction of $921,600.00. Following the transaction, the director now directly owns 23,100 shares in the company, valued at approximately $1,774,080. The disclosure for this sale can be found here. Insiders sold a total of 103,536 shares of company stock worth $8,571,704 in the last ninety days. 1.98% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Harvest Fund Management Co. Ltd purchased a new position in ArcBest during the 1st quarter valued at about $37,000. Dorsey Wright & Associates increased its position in ArcBest by 135.0% during the 1st quarter. Dorsey Wright & Associates now owns 752 shares of the transportation company’s stock valued at $53,000 after purchasing an additional 432 shares during the period. Lazard Asset Management LLC increased its position in ArcBest by 54.8% during the 4th quarter. Lazard Asset Management LLC now owns 1,204 shares of the transportation company’s stock valued at $51,000 after purchasing an additional 426 shares during the period. Veriti Management LLC bought a new stake in shares of ArcBest in the 4th quarter valued at about $63,000. Finally, Cambria Investment Management L.P. bought a new stake in shares of ArcBest in the 1st quarter valued at about $204,000. 88.42% of the stock is currently owned by institutional investors and hedge funds.

About ArcBest

ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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Analyst Recommendations for ArcBest (NASDAQ:ARCB)

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