Morgan Stanley Boosts ArcBest (ARCB) Price Target to $40.00

ArcBest (NASDAQ:ARCB) had its price target hoisted by Morgan Stanley from $39.00 to $40.00 in a research note issued to investors on Monday. Morgan Stanley currently has an equal weight rating on the transportation company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Buckingham Research increased their price target on shares of ArcBest from $43.00 to $48.00 and gave the company a neutral rating in a research report on Thursday, August 9th. Bank of America increased their price target on shares of ArcBest from $49.00 to $50.00 and gave the company a neutral rating in a research report on Wednesday, August 1st. BidaskClub raised shares of ArcBest from a hold rating to a buy rating in a research report on Thursday, August 2nd. ValuEngine cut shares of ArcBest from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Finally, Stifel Nicolaus reissued a hold rating and set a $46.00 price target on shares of ArcBest in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a strong buy rating to the company’s stock. ArcBest has a consensus rating of Hold and a consensus price target of $44.33.

Shares of ARCB stock traded down $1.38 on Monday, hitting $40.11. 16,957 shares of the company’s stock traded hands, compared to its average volume of 349,195. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.31 and a current ratio of 1.39. ArcBest has a one year low of $29.40 and a one year high of $51.45. The firm has a market cap of $1.06 billion, a P/E ratio of 30.16, a P/E/G ratio of 0.28 and a beta of 2.26.

ArcBest (NASDAQ:ARCB) last released its earnings results on Thursday, November 1st. The transportation company reported $1.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.32. The company had revenue of $826.20 million for the quarter, compared to analyst estimates of $815.82 million. ArcBest had a net margin of 2.92% and a return on equity of 12.98%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 EPS. As a group, analysts forecast that ArcBest will post 3.59 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Tuesday, November 13th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 9th. This represents a $0.32 annualized dividend and a dividend yield of 0.80%. ArcBest’s dividend payout ratio is 24.06%.

Several large investors have recently bought and sold shares of the company. Meeder Asset Management Inc. lifted its position in shares of ArcBest by 32.7% in the 3rd quarter. Meeder Asset Management Inc. now owns 5,304 shares of the transportation company’s stock worth $257,000 after purchasing an additional 1,307 shares during the period. Legal & General Group Plc lifted its position in shares of ArcBest by 3.2% in the 1st quarter. Legal & General Group Plc now owns 48,099 shares of the transportation company’s stock worth $1,531,000 after purchasing an additional 1,503 shares during the period. Cutler Group LP lifted its position in shares of ArcBest by 202.7% in the 3rd quarter. Cutler Group LP now owns 2,724 shares of the transportation company’s stock worth $132,000 after purchasing an additional 1,824 shares during the period. Meridian Investment Counsel Inc. lifted its position in shares of ArcBest by 12.8% in the 2nd quarter. Meridian Investment Counsel Inc. now owns 16,250 shares of the transportation company’s stock worth $743,000 after purchasing an additional 1,840 shares during the period. Finally, Swiss National Bank increased its stake in shares of ArcBest by 5.2% in the 2nd quarter. Swiss National Bank now owns 44,700 shares of the transportation company’s stock worth $2,043,000 after acquiring an additional 2,200 shares in the last quarter. 94.16% of the stock is owned by hedge funds and other institutional investors.

ArcBest Company Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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