ArcBest (NASDAQ:ARCB) Price Target Cut to $119.00

ArcBest (NASDAQ:ARCB) had its target price lowered by Stifel Nicolaus from $131.00 to $119.00 in a research note published on Monday, Benzinga reports. The brokerage currently has a buy rating on the transportation company’s stock.

Several other research firms have also commented on ARCB. Morgan Stanley cut their price target on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Monday, July 8th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. Citigroup started coverage on shares of ArcBest in a research report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 price objective for the company. Jefferies Financial Group lowered their price objective on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. Finally, Stephens reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of ArcBest in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $126.92.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $101.60 on Monday. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 1.28 and a beta of 1.46. ArcBest has a 52 week low of $86.93 and a 52 week high of $153.60. The company’s 50-day moving average price is $105.20 and its 200 day moving average price is $112.34. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last released its 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). The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. ArcBest’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $1.54 earnings per share. As a group, research analysts forecast that ArcBest will post 7.06 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Insider Activity at ArcBest

In other news, Director Salvatore A. Abbate bought 1,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, with a total value of $103,930.00. Following the completion of the acquisition, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

A number of institutional investors have recently bought and sold shares of ARCB. Nisa Investment Advisors LLC grew its stake in ArcBest by 4.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,225 shares of the transportation company’s stock valued at $350,000 after acquiring an additional 124 shares in the last quarter. Semanteon Capital Management LP purchased a new position in ArcBest during the 3rd quarter valued at about $1,178,000. Heritage Oak Wealth Advisors LLC purchased a new position in ArcBest during the 3rd quarter valued at about $1,448,000. Mount Yale Investment Advisors LLC lifted its holdings in shares of ArcBest by 14.0% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 2,273 shares of the transportation company’s stock valued at $247,000 after buying an additional 280 shares during the last quarter. Finally, Moody Aldrich Partners LLC lifted its holdings in shares of ArcBest by 24.3% during the 3rd quarter. Moody Aldrich Partners LLC now owns 42,265 shares of the transportation company’s stock valued at $4,584,000 after buying an additional 8,250 shares during the last quarter. 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.