ArcBest Corporation (ARCB) Receives Equal Weight Rating from Morgan Stanley
ArcBest Corporation (NASDAQ:ARCB)‘s stock had its “equal weight” rating reaffirmed by analysts at Morgan Stanley in a research report issued on Thursday. They currently have a $22.00 price objective on the transportation company’s stock, up from their prior price objective of $21.00. Morgan Stanley’s price target would suggest a potential downside of 33.03% from the stock’s current price.
Several other research firms also recently commented on ARCB. ValuEngine downgraded ArcBest Corporation from a “buy” rating to a “hold” rating in a research note on Monday. Stifel Nicolaus reiterated a “hold” rating and set a $28.00 target price on shares of ArcBest Corporation in a research report on Thursday, September 21st. TheStreet upgraded ArcBest Corporation from a “c” rating to a “b-” rating in a research report on Friday, July 28th. Cowen and Company reiterated a “buy” rating and set a $29.00 target price on shares of ArcBest Corporation in a research report on Sunday, July 30th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $29.00 target price (up previously from $26.00) on shares of ArcBest Corporation in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $27.40.
Shares of ArcBest Corporation (NASDAQ ARCB) remained flat at $32.90 during midday trading on Thursday. The stock had a trading volume of 64,407 shares. The firm has a market cap of $845.73 million, a PE ratio of 38.03 and a beta of 1.78. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $34.25. The firm’s 50-day moving average is $29.51 and its 200-day moving average is $24.41.
ArcBest Corporation (NASDAQ:ARCB) last posted its earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. ArcBest Corporation had a return on equity of 4.92% and a net margin of 0.83%. The company had revenue of $720.40 million for the quarter, compared to the consensus estimate of $721.11 million. During the same quarter in the prior year, the company earned $0.38 earnings per share. ArcBest Corporation’s revenue was up 6.5% on a year-over-year basis. Equities analysts predict that ArcBest Corporation will post $1.31 earnings per share for the current fiscal year.
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In other news, insider Daniel E. Loe sold 9,929 shares of ArcBest Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $25.87, for a total value of $256,863.23. Following the transaction, the insider now directly owns 33,600 shares in the company, valued at approximately $869,232. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael R. Johns sold 6,593 shares of ArcBest Corporation stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $29.98, for a total value of $197,658.14. Following the completion of the transaction, the vice president now owns 35,700 shares in the company, valued at $1,070,286. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,210 shares of company stock valued at $665,376. 0.97% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the company. State of Tennessee Treasury Department grew its stake in ArcBest Corporation by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 22,796 shares of the transportation company’s stock worth $593,000 after buying an additional 3,440 shares during the last quarter. Karp Capital Management Corp purchased a new position in ArcBest Corporation during the 1st quarter worth $594,000. Jane Street Group LLC purchased a new position in ArcBest Corporation during the 1st quarter worth $812,000. Tudor Investment Corp ET AL grew its stake in ArcBest Corporation by 12.2% during the 1st quarter. Tudor Investment Corp ET AL now owns 15,600 shares of the transportation company’s stock worth $406,000 after buying an additional 1,700 shares during the last quarter. Finally, Systematic Financial Management LP grew its stake in ArcBest Corporation by 55.6% during the 2nd quarter. Systematic Financial Management LP now owns 88,382 shares of the transportation company’s stock worth $1,821,000 after buying an additional 31,575 shares during the last quarter. Institutional investors and hedge funds own 84.91% 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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