ArcBest (NASDAQ:ARCB) Price Target Lowered to $130.00 at Jefferies Financial Group

ArcBest (NASDAQ:ARCB) had its price target lowered by Jefferies Financial Group from $140.00 to $130.00 in a research note issued to investors on Thursday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the transportation company’s stock.

A number of other equities analysts also recently weighed in on ARCB. Stifel Nicolaus lowered their price target on ArcBest from $150.00 to $131.00 and set a buy rating on the stock in a research report on Tuesday, August 6th. Citigroup initiated coverage on shares of ArcBest in a research report on Wednesday, October 9th. They issued a neutral rating and a $111.00 price objective on the stock. Stephens restated an overweight rating and set a $130.00 price objective on shares of ArcBest in a report on Wednesday, September 4th. Bank of America lowered their price target on shares of ArcBest from $102.00 to $99.00 and set an underperform rating on the stock in a research report on Wednesday, September 4th. Finally, The Goldman Sachs Group cut their price objective on shares of ArcBest from $133.00 to $125.00 and set a neutral rating for the company in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $129.33.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $105.95 on Thursday. The company has a fifty day moving average price of $105.55 and a 200 day moving average price of $114.61. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60. The firm has a market cap of $2.48 billion, a PE ratio of 21.32, a PEG ratio of 1.28 and a beta of 1.46. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share 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 the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period last year, the business posted $1.54 EPS. Research analysts predict that ArcBest will post 7.06 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s dividend payout ratio is 9.66%.

Insider Activity at ArcBest

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares in the company, valued at approximately $379,344.50. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ArcBest

Several institutional investors have recently added to or reduced their stakes in the business. Creative Planning boosted its position in shares of ArcBest by 7.6% during the third quarter. Creative Planning now owns 4,933 shares of the transportation company’s stock valued at $535,000 after buying an additional 349 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in ArcBest by 24.6% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,100 shares of the transportation company’s stock worth $877,000 after acquiring an additional 1,600 shares during the last quarter. GAMMA Investing LLC boosted its holdings in ArcBest by 63.7% during the 3rd quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock worth $56,000 after acquiring an additional 200 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of ArcBest by 50.0% in the third quarter. Handelsbanken Fonder AB now owns 7,500 shares of the transportation company’s stock valued at $813,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of ArcBest during the second quarter valued at about $419,000. 99.27% of the stock is owned by institutional investors and hedge funds.

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.