ArcBest Corp. (ARCB) Receives Consensus Rating of “Hold” from Brokerages
Shares of ArcBest Corp. (NASDAQ:ARCB) have been assigned a consensus recommendation of “Hold” from the nine research firms that are currently covering the firm. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $21.92.
A number of brokerages have recently issued reports on ARCB. Citigroup Inc. reduced their price objective on shares of ArcBest Corp. from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, July 11th. Zacks Investment Research upgraded shares of ArcBest Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 9th. Buckingham Research began coverage on shares of ArcBest Corp. in a report on Friday, September 23rd. They set a “buy” rating and a $24.00 price objective for the company. Finally, Deutsche Bank AG set a $20.00 price objective on shares of ArcBest Corp. and gave the company a “hold” rating in a report on Thursday, July 21st.
ArcBest Corp. (NASDAQ:ARCB) traded up 0.387% on Tuesday, reaching $19.475. 47,235 shares of the company’s stock traded hands. The stock has a market cap of $501.46 million, a price-to-earnings ratio of 18.269 and a beta of 1.66. ArcBest Corp. has a 52-week low of $14.85 and a 52-week high of $28.80. The company’s 50 day moving average is $19.28 and its 200-day moving average is $18.27.
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ArcBest Corp. (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by $0.05. The business had revenue of $676.60 million for the quarter, compared to analyst estimates of $683.12 million. ArcBest Corp. had a net margin of 1.06% and a return on equity of 5.02%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. Equities analysts expect that ArcBest Corp. will post $0.90 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. BlackRock Fund Advisors raised its stake in shares of ArcBest Corp. by 5.0% in the second quarter. BlackRock Fund Advisors now owns 1,643,201 shares of the company’s stock valued at $26,702,000 after buying an additional 77,941 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of ArcBest Corp. by 3.4% in the second quarter. JPMorgan Chase & Co. now owns 1,591,203 shares of the company’s stock valued at $25,856,000 after buying an additional 52,043 shares in the last quarter. State of Wisconsin Investment Board raised its stake in shares of ArcBest Corp. by 5.8% in the second quarter. State of Wisconsin Investment Board now owns 1,119,578 shares of the company’s stock valued at $18,193,000 after buying an additional 60,900 shares in the last quarter. Towle & Co. raised its stake in shares of ArcBest Corp. by 126.6% in the second quarter. Towle & Co. now owns 778,326 shares of the company’s stock valued at $12,648,000 after buying an additional 434,810 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of ArcBest Corp. by 10.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 712,308 shares of the company’s stock valued at $11,575,000 after buying an additional 66,154 shares in the last quarter. Institutional investors and hedge funds own 84.51% of the company’s stock.
About ArcBest Corp.
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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