ArcBest (NASDAQ:ARCB) Trading 4.8% Higher – Here’s Why

Shares of ArcBest Corporation (NASDAQ:ARCB) were up 4.8% during mid-day trading on Friday . The stock traded as high as $155.68 and last traded at $153.0980. Approximately 70,468 shares changed hands during trading, a decline of 79% from the average daily volume of 337,050 shares. The stock had previously closed at $146.08.

Analyst Upgrades and Downgrades

ARCB has been the subject of a number of analyst reports. Wall Street Zen raised ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Stifel Nicolaus upped their target price on ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Morgan Stanley reissued an “overweight” rating and issued a $150.00 price target on shares of ArcBest in a research note on Wednesday, April 29th. Bank of America upped their price objective on shares of ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Weiss Ratings cut shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $131.42.

ArcBest Price Performance

The stock’s fifty day moving average price is $117.75 and its 200-day moving average price is $97.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $3.42 billion, a PE ratio of 63.29, a price-to-earnings-growth ratio of 0.77 and a beta of 1.55.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $998.79 million during the quarter, compared to analysts’ expectations of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. ArcBest’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 EPS. As a group, equities analysts expect that ArcBest Corporation will post 5.29 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.12 per share. The ex-dividend date was Friday, May 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. ArcBest’s dividend payout ratio (DPR) is presently 19.75%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Johnson Investment Counsel Inc. acquired a new position in shares of ArcBest during the 3rd quarter valued at about $28,000. Smartleaf Asset Management LLC increased its position in ArcBest by 26.9% during the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after purchasing an additional 143 shares during the last quarter. Federated Hermes Inc. increased its position in ArcBest by 126.6% during the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after purchasing an additional 567 shares during the last quarter. Hantz Financial Services Inc. raised its stake in ArcBest by 507.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after purchasing an additional 934 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in ArcBest in the 2nd quarter valued at about $85,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.