Bank of America Cuts ArcBest (NASDAQ:ARCB) Price Target to $72.00

ArcBest (NASDAQ:ARCB) had its target price reduced by Bank of America from $73.00 to $72.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

Other equities research analysts have also issued research reports about the company. Zacks Research raised ArcBest to a “strong sell” rating in a research report on Monday, August 11th. TD Cowen cut their target price on ArcBest from $67.00 to $64.00 and set a “hold” rating on the stock in a research report on Thursday, November 6th. JPMorgan Chase & Co. increased their price objective on ArcBest from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a research report on Wednesday, October 8th. Finally, Citigroup raised shares of ArcBest from a “neutral” rating to a “buy” rating and lifted their target price for the company from $79.00 to $89.00 in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus price target of $85.00.

ArcBest Price Performance

ArcBest stock opened at $69.55 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. ArcBest has a 52-week low of $55.19 and a 52-week high of $113.74. The firm has a market cap of $1.57 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 9.73 and a beta of 1.52. The company’s 50 day moving average is $69.16 and its two-hundred day moving average is $71.58.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.37 by $0.09. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the firm posted $1.64 earnings per share. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, research analysts expect that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Friday, November 14th. ArcBest’s dividend payout ratio (DPR) is 11.40%.

Institutional Trading of ArcBest

Several hedge funds have recently made changes to their positions in ARCB. Johnson Investment Counsel Inc. acquired a new position in shares of ArcBest during the third quarter worth about $28,000. Farther Finance Advisors LLC lifted its position in ArcBest by 433.3% in the second quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after purchasing an additional 312 shares during the period. CWM LLC boosted its holdings in ArcBest by 338.8% in the 1st 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 position in ArcBest by 26.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after purchasing an additional 143 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in ArcBest during the 2nd quarter worth approximately $51,000. 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.