Morgan Stanley Trims ArcBest (NASDAQ:ARCB) Target Price to $176.00

ArcBest (NASDAQ:ARCBFree Report) had its price target trimmed by Morgan Stanley from $180.00 to $176.00 in a research note published on Monday, Benzinga reports. The firm currently has an overweight rating on the transportation company’s stock.

ARCB has been the topic of several other research reports. Bank of America lowered their target price on shares of ArcBest from $143.00 to $110.00 and set an underperform rating on the stock in a research note on Wednesday, May 1st. UBS Group dropped their price objective on shares of ArcBest from $150.00 to $126.00 and set a neutral rating for the company in a research note on Wednesday, May 1st. JPMorgan Chase & Co. lowered their target price on ArcBest from $164.00 to $145.00 and set an overweight rating on the stock in a report on Wednesday, May 1st. Wells Fargo & Company assumed coverage on ArcBest in a research report on Friday, June 7th. They issued an overweight rating and a $140.00 price target for the company. Finally, StockNews.com downgraded ArcBest from a buy rating to a hold rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $143.69.

Read Our Latest Report on ArcBest

ArcBest Stock Up 2.1 %

ARCB stock opened at $107.22 on Monday. ArcBest has a 52 week low of $86.93 and a 52 week high of $153.60. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.12. The firm has a 50-day simple moving average of $108.85 and a 200-day simple moving average of $124.36. The stock has a market capitalization of $2.51 billion, a P/E ratio of 21.57, a P/E/G ratio of 0.84 and a beta of 1.48.

ArcBest (NASDAQ:ARCBGet Free Report) last announced its earnings results on Tuesday, April 30th. The transportation company reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a net margin of 2.80% and a return on equity of 15.27%. ArcBest’s revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.58 EPS. Equities analysts forecast that ArcBest will post 8.54 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 10th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend was Thursday, May 9th. ArcBest’s dividend payout ratio (DPR) is presently 9.66%.

Institutional Investors Weigh In On ArcBest

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its holdings in ArcBest by 31.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 55,199 shares of the transportation company’s stock valued at $5,611,000 after purchasing an additional 13,165 shares during the last quarter. Verity Asset Management Inc. raised its holdings in shares of ArcBest by 18.1% in the 3rd quarter. Verity Asset Management Inc. now owns 2,658 shares of the transportation company’s stock valued at $270,000 after buying an additional 408 shares during the period. American Century Companies Inc. lifted its stake in ArcBest by 10.5% during the 3rd quarter. American Century Companies Inc. now owns 378,206 shares of the transportation company’s stock worth $38,445,000 after acquiring an additional 35,968 shares in the last quarter. Wellington Management Group LLP acquired a new position in ArcBest during the 3rd quarter worth about $10,561,000. Finally, Horrell Capital Management Inc. boosted its holdings in ArcBest by 0.3% during the 4th quarter. Horrell Capital Management Inc. now owns 29,224 shares of the transportation company’s stock valued at $3,513,000 after acquiring an additional 94 shares during the period. 99.27% of the stock is owned by hedge funds and other institutional investors.

About ArcBest

(Get Free Report)

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.

Further Reading

Analyst Recommendations for ArcBest (NASDAQ:ARCB)

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