ArcBest (NASDAQ:ARCB) Price Target Raised to $95.00

ArcBest (NASDAQ:ARCB) had its price target upped by Truist Financial from $85.00 to $95.00 in a research note issued to investors on Thursday, Marketbeat Ratings reports. Truist Financial currently has a buy rating on the transportation company’s stock.

ARCB has been the subject of several other reports. Stifel Nicolaus boosted their price target on ArcBest from $73.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Bank of America lifted their price objective on ArcBest from $72.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, December 23rd. JPMorgan Chase & Co. increased their target price on ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. Citigroup boosted their price target on ArcBest from $83.00 to $104.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $92.00.

ArcBest Trading Down 1.0%

Shares of ArcBest stock opened at $90.55 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a 50-day moving average of $73.84 and a 200-day moving average of $74.17. ArcBest has a 52-week low of $55.19 and a 52-week high of $103.14. The stock has a market cap of $2.04 billion, a PE ratio of 21.51, a PEG ratio of 10.81 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Wednesday, November 5th. The transportation company reported $1.46 earnings per share 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 analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the company earned $1.64 EPS. The business’s revenue was down 1.4% on a year-over-year basis. As a group, sell-side analysts forecast that ArcBest will post 7 EPS for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.48 annualized dividend and a yield of 0.5%. ArcBest’s payout ratio is presently 11.40%.

Institutional Investors Weigh In On ArcBest

Several hedge funds and other institutional investors have recently made changes to their positions in ARCB. Turtle Creek Asset Management Inc. bought a new position in ArcBest in the 3rd quarter valued at approximately $39,508,000. Ameriprise Financial Inc. increased its holdings in shares of ArcBest by 158.7% during the second quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after buying an additional 300,642 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of ArcBest by 145.9% in the 3rd quarter. Two Sigma Investments LP now owns 281,803 shares of the transportation company’s stock valued at $19,690,000 after acquiring an additional 167,200 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of ArcBest during the 2nd quarter valued at $12,657,000. Finally, Wasatch Advisors LP bought a new stake in ArcBest during the 3rd quarter worth $8,766,000. 99.27% of the stock is owned by institutional investors.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.