ArcBest (NASDAQ:ARCB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note 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 also recently commented on ARCB. Stifel Nicolaus downgraded shares of ArcBest from a “hold” rating to a “sell” rating and boosted their target price for the company from $27.00 to $32.00 in a research note on Wednesday, December 13th. BidaskClub upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd. Seaport Global Securities restated a “neutral” rating on shares of ArcBest in a research note on Tuesday, January 16th. Cowen restated a “market perform” rating and issued a $39.00 target price (up previously from $33.00) on shares of ArcBest in a research note on Thursday, February 1st. Finally, ValuEngine upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. ArcBest currently has an average rating of “Hold” and an average target price of $35.88.
ArcBest (NASDAQ:ARCB) last issued its earnings results on Wednesday, January 31st. The transportation company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.07. ArcBest had a net margin of 2.11% and a return on equity of 5.82%. The company had revenue of $710.72 million for the quarter, compared to the consensus estimate of $723.69 million. During the same quarter in the previous year, the company earned $0.28 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. equities research analysts predict that ArcBest will post 2.28 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in ARCB. California Public Employees Retirement System raised its holdings in ArcBest by 92.6% during the 2nd quarter. California Public Employees Retirement System now owns 33,900 shares of the transportation company’s stock worth $698,000 after purchasing an additional 16,300 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of ArcBest by 8.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,032 shares of the transportation company’s stock worth $434,000 after buying an additional 1,683 shares during the period. First Trust Advisors LP grew its position in shares of ArcBest by 47.9% during the 3rd quarter. First Trust Advisors LP now owns 119,588 shares of the transportation company’s stock worth $4,000,000 after buying an additional 38,743 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of ArcBest during the 3rd quarter worth about $414,000. Finally, State Board of Administration of Florida Retirement System grew its position in shares of ArcBest by 15.0% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 27,988 shares of the transportation company’s stock worth $936,000 after buying an additional 3,656 shares during the period. 88.73% of the stock is owned by hedge funds and other institutional investors.
ArcBest 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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