Truist Financial Initiates Coverage on ArcBest (NASDAQ:ARCB)

Truist Financial initiated coverage on shares of ArcBest (NASDAQ:ARCB) in a research report released on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $93.00 price target on the transportation company’s stock.

A number of other research firms also recently weighed in on ARCB. Morgan Stanley decreased their target price on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. UBS Group decreased their target price on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Stephens reaffirmed an “overweight” rating and issued a $116.00 target price on shares of ArcBest in a research report on Tuesday, March 11th. Citigroup decreased their target price on shares of ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Finally, Bank of America decreased their target price on shares of ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, ArcBest currently has a consensus rating of “Hold” and an average price target of $108.33.

ArcBest Stock Up 0.4 %

Shares of ARCB stock opened at $73.35 on Thursday. The firm has a fifty day moving average of $90.03 and a 200-day moving average of $99.98. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. ArcBest has a 12-month low of $70.96 and a 12-month high of $153.61. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 10.01, a P/E/G ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same quarter in the prior year, the business earned $2.47 earnings per share. As a group, equities research analysts predict that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders 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 dividend yield of 0.65%. The ex-dividend date of this dividend was Tuesday, February 11th. ArcBest’s dividend payout ratio is presently 6.55%.

Insider Transactions at ArcBest

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the purchase, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at $609,754.38. This trade represents a 9.41 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.65% of the stock is currently owned by corporate insiders.

Institutional Trading of ArcBest

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in ArcBest by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock worth $258,601,000 after purchasing an additional 20,665 shares in the last quarter. Alliancebernstein L.P. increased its holdings in ArcBest by 9.4% in the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock valued at $240,011,000 after buying an additional 220,325 shares during the period. State Street Corp increased its holdings in 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 buying an additional 17,542 shares during the period. Westwood Holdings Group Inc. increased its holdings in ArcBest by 2.6% in the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock valued at $59,338,000 after buying an additional 16,239 shares during the period. Finally, American Century Companies Inc. increased its holdings in ArcBest by 16.3% in the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after buying an additional 86,867 shares during the period. Institutional investors and hedge funds 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.