ArcBest (NASDAQ:ARCB) Price Target Raised to $87.00

ArcBest (NASDAQ:ARCB) had its price target hoisted by JPMorgan Chase & Co. from $85.00 to $87.00 in a research report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the transportation company’s stock.

Several other analysts have also weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $85.00 price objective (up previously from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. Morgan Stanley dropped their price objective on shares of ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, July 31st. Stifel Nicolaus dropped their price objective on shares of ArcBest from $93.00 to $81.00 and set a “buy” rating for the company in a report on Thursday, July 31st. UBS Group raised their price objective on shares of ArcBest from $73.00 to $80.00 and gave the stock a “neutral” rating in a report on Tuesday, September 30th. Finally, Zacks Research raised shares of ArcBest to a “strong sell” rating in a research note on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $90.00.

ArcBest Price Performance

NASDAQ:ARCB opened at $69.88 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.59 billion, a PE ratio of 10.40, a price-to-earnings-growth ratio of 1.37 and a beta of 1.66. ArcBest has a 12 month low of $55.19 and a 12 month high of $123.25. The company’s 50-day moving average price is $72.16 and its two-hundred day moving average price is $70.30.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.12). The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.98 EPS. On average, equities analysts anticipate that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 8th. ArcBest’s payout ratio is 7.14%.

Institutional Investors Weigh In On ArcBest

Institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC raised its stake in shares of ArcBest by 477.6% during the first quarter. Signaturefd LLC now owns 387 shares of the transportation company’s stock worth $27,000 after buying an additional 320 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of ArcBest by 433.3% during the second quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock worth $30,000 after buying an additional 312 shares during the last quarter. CWM LLC raised its stake in shares of ArcBest by 338.8% during the first quarter. CWM LLC now owns 452 shares of the transportation company’s stock worth $32,000 after buying an additional 349 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of ArcBest during the second quarter worth approximately $51,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of ArcBest during the second quarter worth approximately $85,000. 99.27% of the stock is owned by institutional investors.

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.