Bank of America Lowers ArcBest (NASDAQ:ARCB) Price Target to $110.00

ArcBest (NASDAQ:ARCB) had its price objective trimmed by Bank of America from $143.00 to $110.00 in a report published on Wednesday, Benzinga reports. The firm currently has an underperform rating on the transportation company’s stock.

Several other research firms have also issued reports on ARCB. Deutsche Bank Aktiengesellschaft started coverage on ArcBest in a report on Monday, January 29th. They set a buy rating and a $148.00 target price on the stock. JPMorgan Chase & Co. reduced their price objective on shares of ArcBest from $164.00 to $145.00 and set an overweight rating on the stock in a research note on Wednesday. Morgan Stanley boosted their target price on shares of ArcBest from $155.00 to $175.00 and gave the company an overweight rating in a research report on Wednesday, February 7th. TD Cowen reduced their price target on shares of ArcBest from $177.00 to $148.00 and set a buy rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on shares of ArcBest from $133.00 to $149.00 and gave the company a neutral rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, ArcBest has an average rating of Moderate Buy and a consensus target price of $143.38.

ArcBest Price Performance

Shares of ArcBest stock opened at $114.85 on Wednesday. The company has a 50-day simple moving average of $137.54 and a two-hundred day simple moving average of $125.62. ArcBest has a twelve month low of $82.18 and a twelve month high of $153.60. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 23.11, a price-to-earnings-growth ratio of 0.47 and a beta of 1.56. The company has a quick ratio of 1.26, a current ratio of 1.23 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.19). The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. ArcBest had a net margin of 2.80% and a return on equity of 15.27%. The company’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.58 earnings per share. Analysts forecast that ArcBest will post 10.05 EPS for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.42%. ArcBest’s dividend payout ratio (DPR) is presently 9.66%.

Insider Activity at ArcBest

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $141.58, for a total value of $283,160.00. Following the completion of the transaction, the insider now owns 32,247 shares of the company’s stock, valued at approximately $4,565,530.26. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.65% of the stock is currently owned by company insiders.

Institutional Trading of ArcBest

Several hedge funds and other institutional investors have recently made changes to their positions in ARCB. Northern Trust Corp raised its holdings in ArcBest by 9.4% in the 3rd quarter. Northern Trust Corp now owns 458,090 shares of the transportation company’s stock valued at $46,565,000 after buying an additional 39,215 shares during the last quarter. American Century Companies Inc. increased its position in ArcBest by 10.5% in the 3rd quarter. American Century Companies Inc. now owns 378,206 shares of the transportation company’s stock valued at $38,445,000 after acquiring an additional 35,968 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of ArcBest by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 364,314 shares of the transportation company’s stock valued at $37,033,000 after acquiring an additional 7,094 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in shares of ArcBest during the third quarter worth $29,108,000. Finally, Bank of New York Mellon Corp grew its stake in shares of ArcBest by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 281,693 shares of the transportation company’s stock worth $28,634,000 after purchasing an additional 1,934 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors.

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.