ArcBest Corporation (NASDAQ:ARCB) Upgraded to Hold by Zacks Investment Research
ArcBest Corporation (NASDAQ:ARCB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
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 firms have also commented on ARCB. Deutsche Bank AG reduced their price objective on ArcBest Corporation from $33.00 to $25.00 and set a “hold” rating on the stock in a research note on Monday, May 8th. ValuEngine downgraded ArcBest Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Cowen and Company boosted their target price on ArcBest Corporation from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.80.
Shares of ArcBest Corporation (NASDAQ ARCB) traded down 1.19% on Thursday, hitting $20.75. The stock had a trading volume of 182,775 shares. The firm has a 50 day moving average price of $19.33 and a 200-day moving average price of $25.92. ArcBest Corporation has a 52 week low of $15.40 and a 52 week high of $33.95. The company has a market cap of $536.08 million, a price-to-earnings ratio of 31.53 and a beta of 1.56.
ArcBest Corporation (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, May 5th. The transportation company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by $0.11. The business had revenue of $651.10 million during the quarter, compared to analyst estimates of $659.29 million. ArcBest Corporation had a return on equity of 4.14% and a net margin of 0.64%. ArcBest Corporation’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.23) EPS. Analysts anticipate that ArcBest Corporation will post $1.21 EPS for the current year.
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Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in ArcBest Corporation by 18,670.6% in the first quarter. BlackRock Inc. now owns 3,328,407 shares of the transportation company’s stock worth $86,539,000 after buying an additional 3,310,675 shares in the last quarter. Bank of New York Mellon Corp increased its stake in ArcBest Corporation by 41.7% in the first quarter. Bank of New York Mellon Corp now owns 1,056,395 shares of the transportation company’s stock worth $27,467,000 after buying an additional 310,688 shares in the last quarter. Netols Asset Management Inc. bought a new stake in ArcBest Corporation during the first quarter worth approximately $4,954,000. Russell Investments Group Ltd. bought a new stake in ArcBest Corporation during the fourth quarter worth approximately $4,748,000. Finally, Vanguard Group Inc. increased its stake in ArcBest Corporation by 6.2% in the first quarter. Vanguard Group Inc. now owns 2,133,187 shares of the transportation company’s stock worth $55,462,000 after buying an additional 124,009 shares in the last quarter. Institutional investors and hedge funds own 87.29% of the company’s stock.
About ArcBest Corporation
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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