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

Share on StockTwits

ArcBest (NASDAQ:ARCB) had its price objective upped by Morgan Stanley from $39.00 to $40.00 in a research report released on Monday. Morgan Stanley currently has an equal weight rating on the transportation company’s stock.

ARCB has been the subject of a number of other reports. Loop Capital started coverage on shares of ArcBest in a research note on Monday, October 1st. They issued a hold rating and a $47.00 price target for the company. BidaskClub upgraded shares of ArcBest from a hold rating to a buy rating in a research note on Thursday, September 27th. Bank of America lowered shares of ArcBest from a neutral rating to an underperform rating and reduced their price target for the stock from $50.00 to $38.00 in a research note on Tuesday, October 30th. Cowen reiterated a hold rating and issued a $49.00 price target on shares of ArcBest in a research note on Friday, November 2nd. Finally, Wolfe Research lowered shares of ArcBest from a peer perform rating to an underperform rating in a research note on Friday, October 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a strong buy rating to the company. The company presently has an average rating of Hold and an average target price of $44.33.

NASDAQ:ARCB traded down $1.38 on Monday, reaching $40.11. 16,957 shares of the stock traded hands, compared to its average volume of 349,195. 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. 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 12 month low of $29.40 and a 12 month high of $51.45.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Thursday, November 1st. The transportation company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.32. ArcBest had a net margin of 2.92% and a return on equity of 12.98%. The firm had revenue of $826.20 million during the quarter, compared to analyst estimates of $815.82 million. During the same period in the previous year, the business posted $0.59 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts predict that ArcBest will post 3.59 EPS for the current year.

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

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

Further Reading: Diversification Important in Investing

Analyst Recommendations for ArcBest (NASDAQ:ARCB)

Receive News & Ratings for ArcBest Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ArcBest and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply