ArcBest Corporation (NASDAQ:ARCB – Get Free Report) has received a consensus rating of “Moderate Buy” from the fifteen research firms that are presently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $154.2308.
A number of research analysts have recently issued reports on ARCB shares. Weiss Ratings cut ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 28th. UBS Group boosted their price objective on ArcBest from $145.00 to $154.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. TD Cowen cut their target price on shares of ArcBest from $175.00 to $155.00 and set a “hold” rating on the stock in a report on Thursday, July 30th. Morgan Stanley upped their price target on shares of ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Finally, Citigroup cut their price target on shares of ArcBest from $178.00 to $171.00 and set a “buy” rating on the stock in a report on Tuesday, August 4th.
Read Our Latest Stock Report on ARCB
ArcBest Stock Down 4.2%
ArcBest (NASDAQ:ARCB – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.12. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.36 EPS. As a group, research analysts expect that ArcBest will post 6.9 earnings per share for the current fiscal year.
ArcBest Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. ArcBest’s dividend payout ratio is presently 69.57%.
Insider Buying and Selling at ArcBest
In other ArcBest news, Director Judy R. Mcreynolds sold 2,857 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $138.98, for a total value of $397,065.86. Following the completion of the transaction, the director directly owned 50,048 shares in the company, valued at approximately $6,955,671.04. This represents a 5.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total transaction of $862,820.00. Following the completion of the transaction, the insider directly owned 24,286 shares of the company’s stock, valued at approximately $3,400,040. The trade was a 20.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 11,963 shares of company stock worth $1,678,066. 0.98% of the stock is currently owned by company insiders.
Institutional Trading of ArcBest
A number of hedge funds and other institutional investors have recently modified their holdings of ARCB. California State Teachers Retirement System lifted its position in ArcBest by 13,875.0% during the 2nd quarter. California State Teachers Retirement System now owns 3,762,901 shares of the transportation company’s stock valued at $540,127,000 after acquiring an additional 3,735,975 shares during the period. BlackRock Inc. bought a new position in shares of ArcBest during the second quarter valued at approximately $503,476,000. Invesco Ltd. lifted its holdings in shares of ArcBest by 625.4% during the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock valued at $68,292,000 after purchasing an additional 793,607 shares during the last quarter. Turtle Creek Asset Management Inc. bought a new stake in shares of ArcBest in the 3rd quarter worth approximately $39,508,000. Finally, Principal Financial Group Inc. grew its stake in shares of ArcBest by 349.9% in the 4th quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company’s stock worth $36,634,000 after buying an additional 384,024 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.
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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