ArcBest (NASDAQ:ARCB) Price Target Raised to $107.00

ArcBest (NASDAQ:ARCB) had its price objective hoisted by Citigroup from $105.00 to $107.00 in a research report released on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the transportation company’s stock.

Several other brokerages also recently weighed in on ARCB. Truist Financial lifted their target price on ArcBest from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Jefferies Financial Group increased their price target on ArcBest from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Stephens set a $85.00 price target on ArcBest in a report on Tuesday, January 6th. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a research note on Wednesday, January 21st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $100.00 price objective on shares of ArcBest in a report on Saturday, January 31st. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and an average target price of $97.17.

ArcBest Price Performance

NASDAQ ARCB opened at $91.91 on Monday. The company has a 50-day moving average price of $95.68 and a two-hundred day moving average price of $79.85. ArcBest has a 52 week low of $55.19 and a 52 week high of $112.92. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 35.21, a price-to-earnings-growth ratio of 0.66 and a beta of 1.48. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The business had revenue of $972.69 million for the quarter, compared to the consensus estimate of $963.74 million. During the same period last year, the firm posted $1.33 EPS. The business’s quarterly revenue was down 2.9% on a year-over-year basis. Analysts forecast that ArcBest will post 7 EPS for the current year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, February 10th. ArcBest’s dividend payout ratio (DPR) is presently 18.39%.

Institutional Trading of ArcBest

A number of hedge funds and other institutional investors have recently modified their holdings of ARCB. AQR Capital Management LLC grew its holdings in ArcBest by 300.3% during the first quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock worth $1,898,000 after acquiring an additional 20,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of ArcBest by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock valued at $989,000 after purchasing an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of ArcBest by 215.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the last quarter. Jane Street Group LLC grew its stake in shares of ArcBest by 278.2% in the 1st quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after purchasing an additional 33,537 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of ArcBest by 3.4% in the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock worth $1,421,000 after purchasing an additional 655 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

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.