ArcBest Corporation (ARCB) Stock Rating Lowered by Zacks Investment Research
ArcBest Corporation (NASDAQ:ARCB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a 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. “
Several other brokerages have also recently issued reports on ARCB. Cowen and Company lifted their price objective on shares of ArcBest Corporation from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, November 4th. TheStreet raised shares of ArcBest Corporation from a “hold” rating to a “buy” rating in a research note on Monday, November 28th. Deutsche Bank AG initiated coverage on shares of ArcBest Corporation in a research note on Wednesday, November 2nd. They issued a “hold” rating and a $21.00 price objective on the stock. Seaport Global Securities reaffirmed a “neutral” rating on shares of ArcBest Corporation in a research note on Friday, December 16th. Finally, Buckingham Research initiated coverage on shares of ArcBest Corporation in a research note on Friday, September 23rd. They issued a “buy” rating and a $24.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. ArcBest Corporation presently has an average rating of “Hold” and an average target price of $22.88.
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Shares of ArcBest Corporation (NASDAQ:ARCB) traded up 1.54% during mid-day trading on Wednesday, hitting $29.75. 307,556 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $29.87 and a 200-day moving average price of $21.73. ArcBest Corporation has a 1-year low of $14.85 and a 1-year high of $33.95. The stock has a market cap of $762.25 million, a P/E ratio of 35.76 and a beta of 1.62.
ArcBest Corporation (NASDAQ:ARCB) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.01. The company had revenue of $713.90 million for the quarter, compared to analysts’ expectations of $422.62 million. ArcBest Corporation had a net margin of 0.83% and a return on equity of 3.81%. The business’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS. Equities research analysts anticipate that ArcBest Corporation will post $0.89 EPS for the current fiscal year.
In other ArcBest Corporation news, Director John W. Alden sold 11,400 shares of the firm’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $31.27, for a total value of $356,478.00. Following the completion of the transaction, the director now directly owns 10,200 shares in the company, valued at $318,954. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Daniel E. Loe sold 5,394 shares of the firm’s stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $31.13, for a total transaction of $167,915.22. Following the completion of the transaction, the vice president now owns 37,264 shares of the company’s stock, valued at $1,160,028.32. The disclosure for this sale can be found here. 6.01% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Municipal Employees Retirement System of Michigan boosted its stake in ArcBest Corporation by 0.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,410 shares of the company’s stock valued at $217,000 after buying an additional 90 shares in the last quarter. Arizona State Retirement System boosted its stake in ArcBest Corporation by 0.8% in the second quarter. Arizona State Retirement System now owns 12,516 shares of the company’s stock valued at $203,000 after buying an additional 100 shares in the last quarter. Algert Global LLC boosted its stake in ArcBest Corporation by 0.8% in the second quarter. Algert Global LLC now owns 21,685 shares of the company’s stock valued at $352,000 after buying an additional 166 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in ArcBest Corporation by 3.3% in the second quarter. Thrivent Financial for Lutherans now owns 11,520 shares of the company’s stock valued at $187,000 after buying an additional 370 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its stake in ArcBest Corporation by 0.4% in the third quarter. Nationwide Fund Advisors now owns 107,858 shares of the company’s stock valued at $2,051,000 after buying an additional 400 shares in the last quarter. Institutional investors own 84.71% of the company’s stock.
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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