Buckingham Research Raises ArcBest (ARCB) Price Target to $48.00
ArcBest (NASDAQ:ARCB) had its target price increased by Buckingham Research from $43.00 to $48.00 in a research note issued to investors on Thursday morning. The brokerage currently has a neutral rating on the transportation company’s stock.
A number of other equities analysts have also weighed in on the stock. Zacks Investment Research lowered shares of ArcBest from a buy rating to a hold rating in a research note on Monday, April 23rd. Stephens reaffirmed a hold rating and issued a $37.00 target price on shares of ArcBest in a research note on Thursday, April 12th. Cowen reaffirmed a market perform rating and issued a $41.00 target price (up from $39.00) on shares of ArcBest in a research note on Friday, May 11th. BidaskClub raised shares of ArcBest from a hold rating to a buy rating in a research note on Thursday, August 2nd. Finally, Stifel Nicolaus reaffirmed a hold rating and issued a $46.00 target price on shares of ArcBest in a research note on Friday, August 3rd. Eight analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $44.25.
NASDAQ ARCB traded down $0.85 on Thursday, reaching $47.00. The company had a trading volume of 208,674 shares, compared to its average volume of 314,619. The firm has a market cap of $1.23 billion, a PE ratio of 19.77, a PEG ratio of 0.37 and a beta of 1.92. The company has a current ratio of 1.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.30. ArcBest has a 1-year low of $25.02 and a 1-year high of $50.45.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 24th. Shareholders of record on Friday, August 10th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, August 9th. This represents a $0.32 annualized dividend and a yield of 0.68%. ArcBest’s dividend payout ratio (DPR) is presently 24.06%.
In other ArcBest news, SVP Michael E. Newcity sold 5,589 shares of the business’s stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $47.00, for a total transaction of $262,683.00. Following the sale, the senior vice president now directly owns 40,000 shares of the company’s stock, valued at approximately $1,880,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William Legg sold 9,947 shares of the business’s stock in a transaction dated Thursday, May 24th. The stock was sold at an average price of $47.06, for a total transaction of $468,105.82. Following the sale, the director now directly owns 26,200 shares in the company, valued at $1,232,972. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.
Large investors have recently modified their holdings of the business. Mutual Advisors LLC bought a new stake in ArcBest during the 1st quarter worth about $659,000. Prudential Financial Inc. raised its holdings in shares of ArcBest by 24.3% in the 1st quarter. Prudential Financial Inc. now owns 75,546 shares of the transportation company’s stock valued at $2,421,000 after purchasing an additional 14,750 shares during the period. Citigroup Inc. raised its holdings in shares of ArcBest by 10.1% in the 1st quarter. Citigroup Inc. now owns 92,856 shares of the transportation company’s stock valued at $2,976,000 after purchasing an additional 8,538 shares during the period. Millennium Management LLC raised its holdings in shares of ArcBest by 52.0% in the 4th quarter. Millennium Management LLC now owns 145,821 shares of the transportation company’s stock valued at $5,213,000 after purchasing an additional 49,894 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of ArcBest by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 234,323 shares of the transportation company’s stock valued at $8,377,000 after purchasing an additional 10,573 shares during the period. 91.19% of the stock is currently owned by hedge funds and other institutional investors.
ArcBest Company Profile
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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