StockNews.com Lowers ArcBest (NASDAQ:ARCB) to Hold

StockNews.com lowered shares of ArcBest (NASDAQ:ARCB) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

A number of other research analysts have also recently weighed in on the company. Morgan Stanley lifted their price objective on ArcBest from $155.00 to $175.00 and gave the company an overweight rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. decreased their target price on ArcBest from $164.00 to $145.00 and set an overweight rating on the stock in a research note on Wednesday. The Goldman Sachs Group lifted their target price on ArcBest from $133.00 to $149.00 and gave the company a neutral rating in a research note on Thursday, April 11th. TD Cowen decreased their target price on ArcBest from $177.00 to $148.00 and set a buy rating on the stock in a research note on Wednesday. Finally, Bank of America decreased their target price on ArcBest from $143.00 to $110.00 and set an underperform rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $143.38.

ArcBest Trading Up 1.9 %

Shares of NASDAQ:ARCB opened at $114.85 on Thursday. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 0.52 and a beta of 1.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.26 and a current ratio of 1.23. The stock’s 50-day simple moving average is $137.54 and its two-hundred day simple moving average is $125.79. ArcBest has a 52-week low of $82.18 and a 52-week high of $153.60.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.19). ArcBest had a return on equity of 15.27% and a net margin of 2.80%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the business posted $1.58 earnings per share. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Analysts expect that ArcBest will post 9.43 EPS for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Friday, May 10th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend is Thursday, May 9th. ArcBest’s dividend payout ratio is currently 9.66%.

Insider Activity

In other news, insider Erin K. Gattis sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $141.58, for a total transaction of $283,160.00. Following the transaction, the insider now owns 32,247 shares of the company’s stock, valued at approximately $4,565,530.26. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Several large investors have recently modified their holdings of ARCB. SG Americas Securities LLC bought a new position in shares of ArcBest during the 3rd quarter valued at approximately $141,000. Bank of New York Mellon Corp boosted its holdings in ArcBest by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 281,693 shares of the transportation company’s stock valued at $28,634,000 after acquiring an additional 1,934 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in ArcBest by 14.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,941 shares of the transportation company’s stock valued at $502,000 after acquiring an additional 631 shares during the period. Mackenzie Financial Corp boosted its holdings in ArcBest by 4.2% during the 3rd quarter. Mackenzie Financial Corp now owns 6,114 shares of the transportation company’s stock valued at $601,000 after acquiring an additional 244 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in ArcBest by 1.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,752 shares of the transportation company’s stock valued at $1,093,000 after acquiring an additional 161 shares during the period. Institutional investors own 99.27% of the company’s stock.

ArcBest Company Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.