Zacks Investment Research Upgrades ArcBest Corporation (ARCB) to “Buy”
ArcBest Corporation (NASDAQ:ARCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $36.00 price target on the transportation company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.98% from the company’s current price.
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 research firms also recently issued reports on ARCB. ValuEngine downgraded shares of ArcBest Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $22.00 target price (up from $21.00) on shares of ArcBest Corporation in a report on Thursday, October 5th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $28.00 target price on shares of ArcBest Corporation in a report on Thursday, September 21st. TheStreet raised shares of ArcBest Corporation from a “c” rating to a “b-” rating in a report on Friday, July 28th. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $29.00 target price on shares of ArcBest Corporation in a report on Sunday, July 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $28.83.
ArcBest Corporation (ARCB) traded up 0.78% during trading on Tuesday, hitting $32.15. The company’s stock had a trading volume of 265,019 shares. The company has a 50-day moving average of $29.88 and a 200 day moving average of $24.48. The firm has a market cap of $826.45 million, a PE ratio of 37.17 and a beta of 1.77. ArcBest Corporation has a one year low of $16.95 and a one year high of $34.25.
ArcBest Corporation (NASDAQ:ARCB) last released its quarterly earnings data on Friday, July 28th. The transportation company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.09. ArcBest Corporation had a net margin of 0.83% and a return on equity of 4.92%. The company had revenue of $720.40 million during the quarter, compared to the consensus estimate of $721.11 million. During the same quarter in the prior year, the firm posted $0.38 earnings per share. ArcBest Corporation’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities analysts forecast that ArcBest Corporation will post $1.31 earnings per share for the current year.
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In related news, VP Michael R. Johns sold 6,593 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $29.98, for a total transaction of $197,658.14. Following the completion of the transaction, the vice president now directly owns 35,700 shares of the company’s stock, valued at $1,070,286. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel E. Loe sold 9,929 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $25.87, for a total transaction of $256,863.23. Following the transaction, the insider now directly owns 33,600 shares of the company’s stock, valued at $869,232. The disclosure for this sale can be found here. Insiders sold 24,210 shares of company stock valued at $665,376 over the last ninety days. Corporate insiders own 0.97% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ARCB. BlackRock Inc. raised its holdings in ArcBest Corporation by 18,670.6% during the first quarter. BlackRock Inc. now owns 3,328,407 shares of the transportation company’s stock worth $86,539,000 after purchasing an additional 3,310,675 shares in the last quarter. Vanguard Group Inc. raised its holdings in ArcBest Corporation by 6.2% during the first quarter. Vanguard Group Inc. now owns 2,133,187 shares of the transportation company’s stock worth $55,462,000 after purchasing an additional 124,009 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in ArcBest Corporation by 26.0% during the second quarter. Ameriprise Financial Inc. now owns 524,005 shares of the transportation company’s stock worth $10,792,000 after purchasing an additional 108,200 shares in the last quarter. Eagle Boston Investment Management Inc. raised its holdings in ArcBest Corporation by 39.4% during the second quarter. Eagle Boston Investment Management Inc. now owns 299,844 shares of the transportation company’s stock worth $6,176,000 after purchasing an additional 84,764 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its holdings in ArcBest Corporation by 1,508.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 87,350 shares of the transportation company’s stock worth $1,799,000 after purchasing an additional 81,920 shares in the last quarter. 84.91% 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 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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