ArcBest (NASDAQ:ARCB) Price Target Cut to $110.00 by Analysts at Bank of America

ArcBest (NASDAQ:ARCB) had its price target cut by Bank of America from $143.00 to $110.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an underperform rating on the transportation company’s stock.

A number of other equities research analysts have also recently issued reports on ARCB. StockNews.com upgraded ArcBest from a hold rating to a buy rating in a report on Friday, January 26th. Stifel Nicolaus boosted their price objective on ArcBest from $153.00 to $159.00 and gave the stock a buy rating in a report on Wednesday, February 7th. Stephens boosted their price target on ArcBest from $165.00 to $205.00 and gave the company an overweight rating in a research note on Wednesday, February 7th. The Goldman Sachs Group boosted their price target on ArcBest from $133.00 to $149.00 and gave the company a neutral rating in a research note on Thursday, April 11th. Finally, UBS Group cut their price target on ArcBest from $150.00 to $126.00 and set a neutral rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $143.38.

ArcBest Trading Down 2.3 %

Shares of NASDAQ:ARCB opened at $108.36 on Wednesday. ArcBest has a 12-month low of $82.18 and a 12-month high of $153.60. The stock has a market cap of $2.55 billion, a PE ratio of 13.70, a P/E/G ratio of 0.56 and a beta of 1.49. The business has a 50 day moving average of $138.58 and a 200-day moving average of $125.60. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, April 30th. The transportation company reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). ArcBest had a return on equity of 15.91% and a net margin of 4.41%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. The company’s revenue was down 6.3% on a year-over-year basis. As a group, equities research analysts forecast that ArcBest will post 10.05 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.44%. The ex-dividend date is Thursday, May 9th. ArcBest’s payout ratio is presently 6.07%.

Insiders Place Their Bets

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $141.58, for a total transaction of $283,160.00. Following the completion of the sale, the insider now directly owns 32,247 shares in the company, valued at $4,565,530.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARCB. EverSource Wealth Advisors LLC increased its holdings in shares of ArcBest by 49.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock worth $27,000 after buying an additional 75 shares in the last quarter. Contravisory Investment Management Inc. increased its holdings in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after buying an additional 78 shares in the last quarter. Horrell Capital Management Inc. increased its holdings in shares of ArcBest by 0.3% during the fourth quarter. Horrell Capital Management Inc. now owns 29,224 shares of the transportation company’s stock worth $3,513,000 after buying an additional 94 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of ArcBest by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 7,572 shares of the transportation company’s stock worth $910,000 after buying an additional 96 shares in the last quarter. Finally, 1492 Capital Management LLC increased its holdings in shares of ArcBest by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 10,605 shares of the transportation company’s stock worth $1,275,000 after buying an additional 103 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors.

About ArcBest

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.