ArcBest (NASDAQ:ARCB) Now Covered by Analysts at Citigroup

Citigroup initiated coverage on shares of ArcBest (NASDAQ:ARCB) in a report published on Wednesday morning, Marketbeat reports. The brokerage issued a neutral rating and a $111.00 target price on the transportation company’s stock.

Several other equities analysts also recently commented on ARCB. Stephens reiterated an overweight rating and issued a $130.00 price objective on shares of ArcBest in a report on Wednesday, September 4th. Wells Fargo & Company cut shares of ArcBest from an overweight rating to an equal weight rating and lowered their price target for the company from $122.00 to $112.00 in a report on Wednesday, September 4th. Stifel Nicolaus reduced their price objective on ArcBest from $150.00 to $131.00 and set a buy rating for the company in a report on Tuesday, August 6th. JPMorgan Chase & Co. lowered their target price on ArcBest from $134.00 to $133.00 and set a neutral rating on the stock in a research note on Friday, September 6th. Finally, StockNews.com upgraded ArcBest from a hold rating to a buy rating in a research note on Thursday, October 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, ArcBest currently has a consensus rating of Hold and an average target price of $129.27.

ArcBest Stock Down 0.9 %

Shares of ARCB stock opened at $101.79 on Wednesday. ArcBest has a 52-week low of $86.93 and a 52-week high of $153.60. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 1.37 and a beta of 1.46. The firm’s 50-day moving average is $105.94 and its 200-day moving average is $115.06. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.54 earnings per share. Sell-side analysts predict that ArcBest will post 7.21 EPS for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date was Tuesday, August 13th. ArcBest’s dividend payout ratio (DPR) is presently 9.66%.

Insiders Place Their Bets

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now owns 3,650 shares in the company, valued at approximately $379,344.50. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

A number of institutional investors have recently modified their holdings of the business. Quarry LP grew its position in ArcBest by 120.7% in the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 134 shares during the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of ArcBest during the 2nd quarter valued at approximately $33,000. Quest Partners LLC bought a new position in ArcBest in the 2nd quarter valued at approximately $36,000. Finally, Cultivar Capital Inc. acquired a new stake in ArcBest in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Company Profile

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.