ArcBest (NASDAQ:ARCB) Given New $131.00 Price Target at TD Cowen

ArcBest (NASDAQ:ARCB) had its price objective cut by TD Cowen from $136.00 to $131.00 in a research note released on Thursday, Marketbeat reports. They currently have a buy rating on the transportation company’s stock.

Several other equities research analysts have also issued reports on the stock. Stifel Nicolaus decreased their price target on shares of ArcBest from $150.00 to $131.00 and set a buy rating for the company in a research note on Tuesday, August 6th. StockNews.com raised ArcBest from a hold rating to a buy rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on ArcBest from $127.00 to $134.00 and gave the company a neutral rating in a research note on Monday, August 5th. Morgan Stanley cut their price target on ArcBest from $180.00 to $176.00 and set an overweight rating for the company in a research note on Monday, July 8th. Finally, Stephens restated an overweight rating and issued a $130.00 price objective on shares of ArcBest in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $133.18.

ArcBest Price Performance

Shares of NASDAQ:ARCB opened at $99.10 on Thursday. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60. The stock has a market cap of $2.32 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 1.17 and a beta of 1.46. The stock’s fifty day simple moving average is $110.58 and its two-hundred day simple moving average is $120.13. 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 issued its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. 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 quarterly revenue was down 2.4% compared to the same quarter last year. As a group, analysts forecast that ArcBest will post 7.39 EPS for the current fiscal year.

ArcBest Dividend Announcement

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

Insider Activity

In other news, Director Salvatore A. Abbate acquired 1,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the transaction, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.65% of the company’s stock.

Institutional Trading of ArcBest

Institutional investors and hedge funds have recently made changes to their positions in the stock. Westwood Holdings Group Inc. boosted its stake in ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after buying an additional 150,467 shares in the last quarter. Marshall Wace LLP increased its holdings in ArcBest by 158.7% during the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock valued at $20,558,000 after purchasing an additional 117,774 shares during the period. Norges Bank purchased a new position in shares of ArcBest during the fourth quarter valued at approximately $9,298,000. Emerald Advisers LLC purchased a new position in ArcBest during the 2nd quarter valued at $6,812,000. Finally, Mutual of America Capital Management LLC raised its stake in ArcBest by 1,455.0% in the second quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock worth $6,789,000 after buying an additional 59,322 shares in 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.