Bank of America Trims ArcBest (NASDAQ:ARCB) Target Price to $99.00

ArcBest (NASDAQ:ARCB) had its price objective lowered by Bank of America from $102.00 to $99.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an underperform rating on the transportation company’s stock.

A number of other analysts have also recently weighed in on ARCB. TD Cowen cut their price target on ArcBest from $148.00 to $136.00 and set a buy rating on the stock in a research note on Monday, August 5th. JPMorgan Chase & Co. upped their price target on ArcBest from $127.00 to $134.00 and gave the company a neutral rating in a report on Monday, August 5th. StockNews.com raised shares of ArcBest from a hold rating to a buy rating in a report on Monday, August 5th. Morgan Stanley reduced their price objective on shares of ArcBest from $180.00 to $176.00 and set an overweight rating for the company in a research report on Monday, July 8th. Finally, Wells Fargo & Company downgraded shares of ArcBest from an overweight rating to an equal weight rating and dropped their target price for the company from $122.00 to $112.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $133.18.

ArcBest Stock Down 1.0 %

NASDAQ ARCB opened at $99.10 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. The firm has a market cap of $2.32 billion, a PE ratio of 19.94, a P/E/G ratio of 1.17 and a beta of 1.46. The business’s fifty day simple moving average is $110.58 and its 200-day simple moving average is $120.13. ArcBest has a 52 week low of $86.93 and a 52 week high of $153.60.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the firm posted $1.54 earnings per share. ArcBest’s revenue was down 2.4% on a year-over-year basis. As a group, equities analysts anticipate that ArcBest will post 7.39 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is currently 9.66%.

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Salvatore A. Abbate bought 1,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ArcBest

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its position in ArcBest by 49.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Contravisory Investment Management Inc. boosted its holdings in shares of ArcBest by 70.9% in the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 78 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of ArcBest by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock worth $1,264,000 after acquiring an additional 100 shares during the period. 1492 Capital Management LLC raised its holdings in ArcBest by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 10,605 shares of the transportation company’s stock worth $1,275,000 after purchasing an additional 103 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in ArcBest by 45.8% in the fourth quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after purchasing an additional 114 shares during the period. Hedge funds and other institutional investors 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.