ArcBest (NASDAQ:ARCB) Price Target Cut to $117.00 by Analysts at JPMorgan Chase & Co.

ArcBest (NASDAQ:ARCB) had its price target reduced by JPMorgan Chase & Co. from $130.00 to $117.00 in a research report released on Monday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the transportation company’s stock.

Several other research analysts have also weighed in on ARCB. Morgan Stanley lowered their price target on ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a research report on Monday. Stephens reaffirmed an “overweight” rating and set a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. The Goldman Sachs Group cut their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Finally, Citigroup began coverage on shares of ArcBest in a research note on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 target price for the company. 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, the stock has an average rating of “Hold” and a consensus target price of $123.17.

ArcBest Stock Performance

Shares of ARCB opened at $100.54 on Monday. 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 has a 12 month low of $94.76 and a 12 month high of $153.60. The firm has a fifty day simple moving average of $104.52 and a 200 day simple moving average of $109.69. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.36 and a beta of 1.47.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.20). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the business earned $2.31 EPS. ArcBest’s revenue was down 5.8% on a year-over-year basis. Research analysts forecast that ArcBest will post 6.89 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend is Wednesday, November 13th. ArcBest’s payout ratio is 9.07%.

Insider Buying and Selling

In other news, Director Salvatore A. Abbate acquired 1,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now directly owns 3,650 shares in the company, valued at $379,344.50. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 1.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ArcBest

A number of institutional investors have recently modified their holdings of ARCB. Sequoia Financial Advisors LLC raised its stake in ArcBest by 3.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,858 shares of the transportation company’s stock worth $550,000 after purchasing an additional 131 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of ArcBest by 2.8% in the first quarter. Janney Montgomery Scott LLC now owns 25,397 shares of the transportation company’s stock valued at $3,619,000 after buying an additional 694 shares in the last quarter. GSA Capital Partners LLP boosted its stake in shares of ArcBest by 135.1% in the first quarter. GSA Capital Partners LLP now owns 5,130 shares of the transportation company’s stock valued at $731,000 after buying an additional 2,948 shares during the period. Texas Permanent School Fund Corp grew its position in ArcBest by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 20,709 shares of the transportation company’s stock worth $2,951,000 after buying an additional 268 shares in the last quarter. Finally, Lisanti Capital Growth LLC bought a new position in ArcBest during the 1st quarter worth $3,524,000. Institutional investors 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.