Brokerages Set ArcBest Co. (NASDAQ:ARCB) Price Target at $123.67

ArcBest Co. (NASDAQ:ARCB) has been given a consensus recommendation of “Hold” by the thirteen analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $125.00.

ARCB has been the subject of several research reports. TD Cowen cut shares of ArcBest from a “buy” rating to a “hold” rating and decreased their price objective for the company from $131.00 to $114.00 in a research note on Monday, October 14th. Wolfe Research cut ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Jefferies Financial Group lowered their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. Morgan Stanley decreased their target price on shares of ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Wells Fargo & Company dropped their price target on shares of ArcBest from $115.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th.

ArcBest Price Performance

NASDAQ ARCB opened at $98.49 on Monday. The stock’s fifty day moving average price is $102.45 and its 200 day moving average price is $106.38. ArcBest has a 1 year low of $91.01 and a 1 year high of $153.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.83 and a beta of 1.53.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.20). The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.31 earnings per share. As a group, equities research analysts forecast that ArcBest will post 6.02 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.49%. The ex-dividend date was Wednesday, November 13th. ArcBest’s dividend payout ratio is currently 5.93%.

Insiders Place Their Bets

In other ArcBest news, Director Craig E. Philip sold 3,900 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the transaction, the director now owns 23,250 shares of the company’s stock, valued at approximately $2,555,407.50. The trade was a 14.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the completion of the sale, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at $609,150.60. This trade represents a 67.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ArcBest

A number of hedge funds have recently modified their holdings of ARCB. Marshall Wace LLP raised its stake in ArcBest by 158.7% during the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after purchasing an additional 117,774 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of ArcBest by 24.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock worth $24,022,000 after buying an additional 43,707 shares during the last quarter. Barclays PLC raised its position in shares of ArcBest by 342.5% during the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after buying an additional 33,386 shares during the period. Partners Group Holding AG grew its position in ArcBest by 51.5% in the third quarter. Partners Group Holding AG now owns 87,842 shares of the transportation company’s stock worth $9,526,000 after acquiring an additional 29,849 shares during the period. Finally, Impala Asset Management LLC purchased a new position in ArcBest in the second quarter worth approximately $2,409,000. 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.