Bank of America Cuts ArcBest (NASDAQ:ARCB) Price Target to $73.00

ArcBest (NASDAQ:ARCB) had its price objective cut by Bank of America from $100.00 to $73.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an underperform rating on the transportation company’s stock.

ARCB has been the subject of a number of other reports. Citigroup cut their price objective on ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday. Stifel Nicolaus boosted their price target on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Morgan Stanley dropped their price target on ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company dropped their price target on ArcBest from $105.00 to $96.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Finally, UBS Group dropped their price target on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, ArcBest has a consensus rating of “Hold” and an average price target of $111.27.

ArcBest Stock Down 0.6 %

ArcBest stock opened at $72.88 on Wednesday. The stock has a market capitalization of $1.69 billion, a PE ratio of 9.94, a price-to-earnings-growth ratio of 1.70 and a beta of 1.54. ArcBest has a 12 month low of $70.96 and a 12 month high of $153.61. The business has a 50 day simple moving average of $90.82 and a 200-day simple moving average of $100.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same period in the previous year, the firm earned $2.47 earnings per share. On average, analysts anticipate that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Tuesday, February 11th. ArcBest’s dividend payout ratio (DPR) is currently 6.55%.

Hedge Funds Weigh In On ArcBest

Large investors have recently modified their holdings of the business. State Street Corp lifted its stake in shares of ArcBest by 1.9% in the 3rd quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after purchasing an additional 17,542 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of ArcBest by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock valued at $24,022,000 after purchasing an additional 43,707 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of ArcBest by 92.3% in the 3rd quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company’s stock valued at $1,166,000 after purchasing an additional 5,161 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of ArcBest by 16.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company’s stock valued at $12,653,000 after purchasing an additional 16,103 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of ArcBest by 342.5% in the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after purchasing an additional 33,386 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.