Bank of America Increases ArcBest (NASDAQ:ARCB) Price Target to $143.00

ArcBest (NASDAQ:ARCB) had its target price upped by Bank of America from $141.00 to $143.00 in a research note published on Monday, Benzinga reports. The brokerage currently has an underperform rating on the transportation company’s stock.

A number of other brokerages also recently issued reports on ARCB. TD Cowen increased their target price on ArcBest from $141.00 to $178.00 and gave the stock an outperform rating in a research note on Wednesday, February 7th. StockNews.com upgraded ArcBest from a hold rating to a buy rating in a report on Friday, January 26th. JPMorgan Chase & Co. lowered their price target on ArcBest from $168.00 to $164.00 and set an overweight rating on the stock in a report on Tuesday, April 9th. UBS Group upped their price target on ArcBest from $119.00 to $150.00 and gave the stock a neutral rating in a report on Friday, February 16th. Finally, Morgan Stanley upped their price target on ArcBest from $155.00 to $175.00 and gave the stock an overweight rating in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $151.54.

ArcBest Stock Performance

Shares of ARCB stock opened at $136.24 on Monday. The company has a market cap of $3.20 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 0.64 and a beta of 1.49. The stock has a 50 day simple moving average of $140.66 and a 200-day simple moving average of $123.38. ArcBest has a 12-month low of $82.18 and a 12-month high of $153.60. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.22 by $0.25. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.09 billion. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.45 EPS. On average, equities analysts forecast that ArcBest will post 10.05 EPS for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Thursday, February 15th. ArcBest’s dividend payout ratio (DPR) is presently 6.07%.

Insider Buying and Selling at ArcBest

In other news, insider Erin K. Gattis sold 2,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $141.58, for a total transaction of $283,160.00. Following the sale, the insider now owns 32,247 shares in the company, valued at $4,565,530.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.65% of the stock is owned by insiders.

Institutional Investors Weigh In On ArcBest

Hedge funds have recently made changes to their positions in the business. Contravisory Investment Management Inc. boosted its holdings in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of ArcBest by 49.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Allworth Financial LP raised its position in shares of ArcBest by 15,450.0% in the 3rd quarter. Allworth Financial LP now owns 311 shares of the transportation company’s stock worth $32,000 after buying an additional 309 shares during the period. GAMMA Investing LLC purchased a new position in shares of ArcBest in the 4th quarter worth $39,000. Finally, Parallel Advisors LLC raised its position in shares of ArcBest by 45.8% in the 4th quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock worth $44,000 after buying an additional 114 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.