ArcBest (NASDAQ:ARCB – Free Report) had its target price increased by Truist Financial from $145.00 to $165.00 in a report released on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the transportation company’s stock.
Other equities research analysts have also issued research reports about the company. Stephens raised ArcBest to a “strong-buy” rating in a research note on Wednesday, July 8th. Wall Street Zen raised ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Bank of America lifted their price objective on ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Weiss Ratings downgraded ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 28th. Finally, Morgan Stanley upped their target price on ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $151.85.
Check Out Our Latest Research Report on ArcBest
ArcBest Stock Up 1.4%
ArcBest (NASDAQ:ARCB – Get Free Report) last issued its 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 company had revenue of $998.79 million during the quarter, compared to analysts’ expectations of $999.07 million. During the same period last year, the company posted $0.51 earnings per share. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, research analysts expect that ArcBest will post 6.38 earnings per share for the current fiscal year.
ArcBest Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s dividend payout ratio is 19.75%.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its stake in ArcBest by 100.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 87,256 shares of the transportation company’s stock worth $6,734,000 after acquiring an additional 43,803 shares during the period. Aberdeen Group plc acquired a new position in ArcBest in the 4th quarter valued at $7,240,000. Unison Advisors LLC purchased a new position in shares of ArcBest during the 4th quarter worth $780,000. Principal Financial Group Inc. lifted its stake in shares of ArcBest by 349.9% during the 4th quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company’s stock worth $36,634,000 after purchasing an additional 384,024 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of ArcBest by 19,008.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 122,292 shares of the transportation company’s stock worth $9,073,000 after purchasing an additional 121,652 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.
ArcBest News Roundup
Here are the key news stories impacting ArcBest this week:
- Positive Sentiment: Zacks said earnings estimate revisions for ArcBest are trending higher, which often supports a stronger stock price when analysts expect improving profitability. Earnings Estimates Rising for ArcBest (ARCB): Will It Gain?
- Positive Sentiment: Truist reportedly raised its price target on ArcBest to $165, and Citizens JMP initiated coverage, adding to the bullish analyst backdrop. ArcBest (NASDAQ:ARCB) Given New $165.00 Price Target at Truist Financial
- Positive Sentiment: ArcBest announced a simplified brand structure and operational streamlining, with MoLo Solutions, Panther Premium Logistics, and ArcBest Technologies consolidating under the ArcBest name, a move aimed at long-term growth and efficiency. ArcBest Simplifies Brand Structure and Streamlines Operations to Drive Long-Term Growth and Efficiency
- Positive Sentiment: The company also plans to reduce about 2% of its workforce and close 10 LTL terminals, which could lower costs and improve margins if execution goes well. ArcBest to Consolidate Brands, Cut About 2% of Workforce
- Neutral Sentiment: Momentum-focused coverage noted that ArcBest has gained about 5.34% over the past week, reinforcing recent trader interest but not adding a new fundamental catalyst. ArcBest (ARCB) Is Up 5.34% in One Week: What You Should Know
- Neutral Sentiment: Zacks also highlighted ArcBest as a fast-paced momentum stock that may still be reasonably valued, which supports the stock’s current trading interest. ArcBest (ARCB) Shows Fast-paced Momentum But Is Still a Bargain 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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