ArcBest (NASDAQ:ARCB) Given New $89.00 Price Target at JPMorgan Chase & Co.

ArcBest (NASDAQ:ARCB) had its price objective increased by JPMorgan Chase & Co. from $75.00 to $89.00 in a research note published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the transportation company’s stock.

A number of other equities research analysts have also recently weighed in on the company. Wall Street Zen upgraded ArcBest from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Citigroup reduced their price objective on ArcBest from $83.00 to $66.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. TD Cowen reduced their price objective on ArcBest from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Truist Financial reduced their price objective on ArcBest from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company boosted their price objective on ArcBest from $60.00 to $90.00 and gave the company an “equal weight” rating in a research note on Monday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, ArcBest has a consensus rating of “Hold” and an average target price of $91.25.

ArcBest Stock Performance

Shares of ARCB opened at $82.96 on Tuesday. The stock has a 50-day simple moving average of $68.16 and a 200-day simple moving average of $77.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $1.90 billion, a PE ratio of 10.97, a PEG ratio of 0.84 and a beta of 1.71. ArcBest has a 1 year low of $55.19 and a 1 year high of $129.83.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The business had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period last year, the company earned $1.34 earnings per share. On average, analysts predict that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Friday, May 9th. ArcBest’s dividend payout ratio is presently 6.35%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Janney Montgomery Scott LLC acquired a new position in ArcBest during the first quarter worth $381,000. Elevation Point Wealth Partners LLC grew its holdings in ArcBest by 33.3% during the first quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company’s stock worth $215,000 after acquiring an additional 762 shares during the period. GAMMA Investing LLC grew its holdings in ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock worth $101,000 after acquiring an additional 932 shares during the period. Victory Capital Management Inc. grew its holdings in ArcBest by 6.0% in the fourth quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock valued at $21,709,000 after purchasing an additional 13,152 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in ArcBest by 41.5% in the fourth quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company’s stock valued at $298,000 after purchasing an additional 935 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.