ArcBest Corporation (NASDAQ:ARCB – Get Free Report)’s stock price fell 3.8% on Wednesday . The stock traded as low as $152.49 and last traded at $153.70. 55,948 shares changed hands during trading, a decline of 84% from the average session volume of 352,136 shares. The stock had previously closed at $159.80.
Analyst Ratings Changes
Several research firms have recently weighed in on ARCB. The Goldman Sachs Group lifted their target price on shares of ArcBest from $102.00 to $117.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Wall Street Zen raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Stifel Nicolaus lifted their target price on shares of ArcBest from $116.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. UBS Group lifted their price target on shares of ArcBest from $98.00 to $122.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Finally, TD Cowen lifted their price target on shares of ArcBest from $137.00 to $175.00 and gave the company a “hold” rating in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.42.
View Our Latest Stock Report on ArcBest
ArcBest Stock Down 3.6%
ArcBest (NASDAQ:ARCB – Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. During the same quarter last year, the company earned $0.51 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts predict that ArcBest Corporation will post 5.87 EPS for the current fiscal year.
ArcBest Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s payout ratio is 19.75%.
Institutional Investors Weigh In On ArcBest
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its stake in ArcBest by 26.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after purchasing an additional 143 shares during the last quarter. Federated Hermes Inc. boosted its stake in ArcBest by 126.6% during the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after purchasing an additional 567 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in ArcBest during the 2nd quarter worth $85,000. Hantz Financial Services Inc. boosted its stake in ArcBest by 507.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after purchasing an additional 934 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in ArcBest by 5,940.0% during the 4th quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock worth $90,000 after purchasing an additional 1,188 shares during the last quarter. Institutional investors and hedge funds 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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