ArcBest (NASDAQ:ARCB) Price Target Raised to $175.00

ArcBest (NASDAQ:ARCB) had its price target upped by Citigroup from $170.00 to $175.00 in a research note issued to investors on Thursday,Benzinga reports. Citigroup currently has a buy rating on the transportation company’s stock.

Other analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of ArcBest from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. Stifel Nicolaus reduced their price target on shares of ArcBest from $185.00 to $168.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcBest in a research report on Wednesday. TD Cowen decreased their price target on ArcBest from $155.00 to $146.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Truist Financial lowered their price objective on shares of ArcBest from $165.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $153.54.

ArcBest Stock Performance

ARCB opened at $127.91 on Thursday. The firm has a market capitalization of $2.82 billion, a PE ratio of 100.72, a P/E/G ratio of 0.36 and a beta of 1.71. ArcBest has a 12-month low of $59.43 and a 12-month high of $176.69. The firm has a 50 day moving average of $131.19 and a two-hundred day moving average of $125.35. The company has a current ratio of 1.00, a quick ratio of 0.97 and a debt-to-equity ratio of 0.08.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Wednesday, November 4th. The transportation company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.12. ArcBest had a return on equity of 9.93% and a net margin of 0.66%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The company’s revenue was up 15.5% compared to the same quarter last year. On average, analysts anticipate that ArcBest will post 7.42 EPS for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. ArcBest’s dividend payout ratio (DPR) is currently 37.80%.

Insider Activity

In other news, VP Jason Parks sold 855 shares of the business’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $135.09, for a total transaction of $115,501.95. Following the completion of the transaction, the vice president directly owned 3,794 shares of the company’s stock, valued at approximately $512,531.46. The trade was a 18.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.98% of the company’s stock.

Institutional Trading of ArcBest

Several hedge funds have recently added to or reduced their stakes in ARCB. BlackRock Inc. purchased a new stake in shares of ArcBest in the 2nd quarter valued at approximately $503,476,000. Dimensional Fund Advisors LP raised its holdings in shares of ArcBest by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after purchasing an additional 47,848 shares in the last quarter. Maple Rock Capital Partners Inc. lifted its position in shares of ArcBest by 32.5% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company’s stock worth $76,901,000 after purchasing an additional 131,400 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of ArcBest during the 2nd quarter worth $27,281,000. Finally, Empowered Funds LLC grew its stake in shares of ArcBest by 37.7% during the first quarter. Empowered Funds LLC now owns 158,742 shares of the transportation company’s stock worth $15,614,000 after purchasing an additional 43,429 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest News Summary

Here are the key news stories impacting ArcBest this week:

• Positive Sentiment: Citigroup raised its price target to $175 from $170 and maintained a buy rating, implying substantial upside from the cited share price. ArcBest Given New Price Target at Citigroup
• Positive Sentiment: JPMorgan lifted its target to $164 from $158, while keeping a neutral rating. JPMorgan recommendations
• Positive Sentiment: ArcBest beat third-quarter earnings and revenue expectations: EPS was $2.62 versus $2.50 expected, and revenue rose 15.5% year over year to $1.21 billion. Reports cited higher shipment weights, tonnage gains, and operational improvements following a July reorganization as contributors. Higher shipment weights help ArcBest beat Q3 expectations
• Neutral Sentiment: Management described emerging “green shoots” in demand, but shipment volumes remain soft, leaving the durability and timing of a recovery uncertain. ArcBest’s Runser says demand green shoots are emerging
• Negative Sentiment: UBS cut its price target to $146 from $154 and retained a neutral rating, a less optimistic signal than the target increases from other analysts. UBS lowers ArcBest price target
• Negative Sentiment: ArcBest’s outlook included a sequential increase of 50–150 basis points in ABF’s fourth-quarter operating ratio and projected $7–$10 million in Asset-Light operating income, which could weigh on near-term margin expectations. ArcBest signals fourth-quarter operating outlook
• Negative Sentiment: One recent analysis argued the shares look overvalued after a substantial run-up, potentially limiting investor appetite despite the earnings beat. ArcBest stock looks overvalued after its run

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a multibillion-dollar logistics company headquartered in Fort Smith, Arkansas. The company provides freight transportation and supply chain solutions through a combination of asset-based and asset-light operations, serving businesses across North America and supporting select international shipping needs.

Its asset-based business is led by ABF Freight, a less-than-truckload carrier that transports palletized and industrial freight. ArcBest also offers expedited transportation, truckload and brokerage services, intermodal transportation, managed transportation, warehouse and distribution support, and supply chain consulting.