ArcBest Corporation (NASDAQ:ARCB – Get Free Report)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $173.22, but opened at $159.99. ArcBest shares last traded at $165.22, with a volume of 112,283 shares traded.
Analyst Upgrades and Downgrades
Several research firms have issued reports on ARCB. Stifel Nicolaus upped their price objective on ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Zacks Research upgraded ArcBest from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company lifted their price objective on ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Wall Street Zen upgraded ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Citigroup lifted their price objective on ArcBest from $122.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.08.
Check Out Our Latest Stock Report on ARCB
ArcBest Price Performance
ArcBest (NASDAQ:ARCB – Get Free Report) last posted its earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $998.79 million during the quarter, compared to analyst estimates of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.51 EPS. On average, equities research analysts expect that ArcBest Corporation will post 5.47 EPS for the current fiscal year.
ArcBest Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a $0.12 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. ArcBest’s dividend payout ratio is currently 19.75%.
Institutional Trading of ArcBest
A number of large investors have recently made changes to their positions in ARCB. AQR Capital Management LLC grew its position in shares of ArcBest by 300.3% in the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock valued at $1,898,000 after purchasing an additional 20,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of ArcBest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock valued at $989,000 after purchasing an additional 619 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of ArcBest by 215.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock valued at $10,808,000 after purchasing an additional 104,643 shares during the period. Jane Street Group LLC grew its position in shares of ArcBest by 278.2% in the 1st quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock valued at $3,218,000 after purchasing an additional 33,537 shares during the period. Finally, Intech Investment Management LLC grew its position in shares of ArcBest by 3.4% in the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock valued at $1,421,000 after purchasing an additional 655 shares during the period. Institutional investors own 99.27% of the company’s stock.
ArcBest Company Profile
ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.
The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.
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