Morgan Stanley Issues Pessimistic Forecast for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its price objective cut by Morgan Stanley from $175.00 to $170.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the transportation company’s stock.

ARCB has been the subject of several other reports. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. Bank of America decreased their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Wolfe Research cut shares of ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. TD Cowen cut shares of ArcBest from a “buy” rating to a “hold” rating and decreased their target price for the stock from $131.00 to $114.00 in a report on Monday, October 14th. Finally, Citigroup started coverage on shares of ArcBest in a report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $123.17.

ArcBest Trading Down 6.6 %

NASDAQ:ARCB opened at $112.86 on Monday. ArcBest has a one year low of $94.76 and a one year high of $153.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.19. The company’s 50-day simple moving average is $104.94 and its 200 day simple moving average is $109.55. The firm has a market capitalization of $2.64 billion, a P/E ratio of 13.93, a PEG ratio of 1.36 and a beta of 1.47.

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

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders 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 dividend payout ratio is currently 5.93%.

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Salvatore A. Abbate bought 1,000 shares of ArcBest stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $103.93 per share, with a total value 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 purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.18% of the stock is owned by corporate insiders.

Institutional Trading of ArcBest

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. Quarry LP increased its holdings in ArcBest by 120.7% during the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after buying an additional 134 shares during the last quarter. Innealta Capital LLC bought a new position in shares of ArcBest in the second quarter worth approximately $33,000. Quest Partners LLC bought a new position in shares of ArcBest in the second quarter worth approximately $36,000. Cultivar Capital Inc. bought a new position in shares of ArcBest in the second quarter worth approximately $43,000. Finally, Mather Group LLC. bought a new position in shares of ArcBest in the second quarter worth approximately $46,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

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.