ArcBest Corporation (NASDAQ:ARCB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “ArcBest Corporation provides freight transportation services and solutions. The company’s Freight Transportation segment offers transportation of general commodities; motor carrier freight transportation services; business-to-business air transportation services; ocean transport services; global customizable supply chain solutions and integrated warehousing services. Its Premium Logistics & Expedited Freight Services segment provides expedited freight transportation services to commercial and government customers; premium logistics services; and domestic and international freight transportation with air, ocean, and ground service. ArcBest Corporation, formerly known as Arkansas Best Corporation, is headquartered in Fort Smith, Arkansas. “
A number of other research analysts have also recently weighed in on the stock. Bank of America Corporation upgraded shares of ArcBest Corporation from an “underperform” rating to a “neutral” rating in a research note on Friday, November 4th. They noted that the move was a valuation call. Deutsche Bank AG initiated coverage on shares of ArcBest Corporation in a research note on Wednesday, November 2nd. They set a “hold” rating and a $21.00 target price on the stock. Cowen and Company lifted their price target on shares of ArcBest Corporation from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, November 4th. Buckingham Research initiated coverage on shares of ArcBest Corporation in a report on Friday, September 23rd. They issued a “buy” rating and a $24.00 price target on the stock. Finally, TheStreet upgraded shares of ArcBest Corporation from a “hold” rating to a “buy” rating in a report on Monday, November 28th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $22.88.
ArcBest Corporation (NASDAQ:ARCB) traded up 1.54% during mid-day trading on Wednesday, reaching $29.75. 306,724 shares of the company’s stock traded hands. The firm has a market cap of $762.25 million, a price-to-earnings ratio of 35.76 and a beta of 1.62. ArcBest Corporation has a one year low of $14.85 and a one year high of $33.95. The firm’s 50-day moving average price is $29.87 and its 200 day moving average price is $21.73.
ArcBest Corporation (NASDAQ:ARCB) last released its earnings results on Thursday, November 3rd. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. ArcBest Corporation had a net margin of 0.83% and a return on equity of 3.81%. The company had revenue of $713.90 million for the quarter, compared to analysts’ expectations of $422.62 million. During the same quarter in the previous year, the company earned $0.76 EPS. ArcBest Corporation’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts forecast that ArcBest Corporation will post $0.89 EPS for the current year.
In related news, Director John W. Alden sold 11,400 shares of ArcBest Corporation stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $31.27, for a total transaction of $356,478.00. Following the completion of the transaction, the director now directly owns 10,200 shares of the company’s stock, valued at approximately $318,954. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Walter J. Echols sold 9,664 shares of ArcBest Corporation stock in a transaction dated Thursday, December 8th. The stock was sold at an average price of $33.19, for a total transaction of $320,748.16. Following the transaction, the vice president now directly owns 39,300 shares of the company’s stock, valued at $1,304,367. The disclosure for this sale can be found here. 6.01% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in ARCB. BNP Paribas Arbitrage SA boosted its position in ArcBest Corporation by 99.0% in the second quarter. BNP Paribas Arbitrage SA now owns 7,990 shares of the company’s stock worth $130,000 after buying an additional 3,974 shares in the last quarter. Pacad Investment Ltd. purchased a new position in ArcBest Corporation during the second quarter worth approximately $172,000. Paloma Partners Management Co purchased a new position in ArcBest Corporation during the second quarter worth approximately $177,000. Thrivent Financial for Lutherans boosted its position in ArcBest Corporation by 3.3% in the second quarter. Thrivent Financial for Lutherans now owns 11,520 shares of the company’s stock worth $187,000 after buying an additional 370 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in ArcBest Corporation by 0.8% in the second quarter. Arizona State Retirement System now owns 12,516 shares of the company’s stock worth $203,000 after buying an additional 100 shares in the last quarter. 84.71% of the stock is owned by hedge funds and other institutional investors.
ArcBest Corporation Company Profile
ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).
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