UBS Group Cuts ArcBest (NASDAQ:ARCB) Price Target to $110.00

ArcBest (NASDAQ:ARCB) had its price objective reduced by UBS Group from $111.00 to $110.00 in a research report released on Monday,Benzinga reports. UBS Group currently has a neutral rating on the transportation company’s stock.

A number of other research analysts have also weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a research note on Monday. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. The Goldman Sachs Group cut their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Jefferies Financial Group cut their price target on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. Finally, Wells Fargo & Company cut their price objective on shares of ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, ArcBest has a consensus rating of “Hold” and an average target price of $123.17.

ArcBest Stock Down 6.6 %

ArcBest stock opened at $112.86 on Monday. The company’s 50 day simple moving average is $104.94 and its 200 day simple moving average is $109.55. ArcBest has a fifty-two week low of $94.76 and a fifty-two week high of $153.60. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.36 and a beta of 1.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.19.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm posted $2.31 EPS. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that ArcBest will post 6.69 EPS for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.43%. ArcBest’s payout ratio is 5.93%.

Insider Buying and Selling

In other news, Director Salvatore A. Abbate bought 1,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost 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 represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ArcBest

A number of institutional investors have recently added to or reduced their stakes in the company. Pathstone Holdings LLC increased its holdings in ArcBest by 14.4% during the third quarter. Pathstone Holdings LLC now owns 20,439 shares of the transportation company’s stock worth $2,217,000 after buying an additional 2,574 shares during the last quarter. Quest Partners LLC increased its holdings in shares of ArcBest by 60.6% in the third quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock valued at $59,000 after purchasing an additional 206 shares during the last quarter. Natixis Advisors LLC increased its holdings in shares of ArcBest by 13.5% in the third quarter. Natixis Advisors LLC now owns 15,988 shares of the transportation company’s stock valued at $1,734,000 after purchasing an additional 1,902 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of ArcBest by 4.9% in the third quarter. Empowered Funds LLC now owns 3,695 shares of the transportation company’s stock valued at $401,000 after purchasing an additional 173 shares during the last quarter. Finally, OneDigital Investment Advisors LLC increased its holdings in shares of ArcBest by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 2,509 shares of the transportation company’s stock valued at $272,000 after purchasing an additional 86 shares during the last quarter. 99.27% of the stock is currently 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.