ArcBest (NASDAQ:ARCB) Upgraded to Buy at StockNews.com

ArcBest (NASDAQ:ARCB) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

A number of other equities research analysts have also recently weighed in on the stock. Stifel Nicolaus cut their price objective on shares of ArcBest from $159.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. UBS Group cut their price objective on shares of ArcBest from $150.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group upped their price objective on shares of ArcBest from $133.00 to $149.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley cut their price objective on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Monday, July 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of ArcBest from $127.00 to $134.00 and gave the company a “neutral” rating in a report on Monday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $144.83.

ArcBest Stock Performance

Shares of NASDAQ:ARCB traded down $0.61 during mid-day trading on Monday, reaching $104.87. The company had a trading volume of 529,078 shares, compared to its average volume of 305,059. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.12. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 21.10, a PEG ratio of 0.98 and a beta of 1.48. The company’s 50-day moving average price is $110.64 and its 200-day moving average price is $124.44. ArcBest has a one year low of $86.93 and a one year high of $153.60.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a return on equity of 15.27% and a net margin of 2.80%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.54 earnings per share. As a group, equities research analysts anticipate that ArcBest will post 8.26 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcBest

Hedge funds and other institutional investors have recently modified their holdings of the business. Contravisory Investment Management Inc. lifted its stake in ArcBest by 70.9% in the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after acquiring an additional 78 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in ArcBest by 49.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Innealta Capital LLC purchased a new position in ArcBest in the second quarter worth approximately $33,000. GAMMA Investing LLC purchased a new position in ArcBest in the fourth quarter worth approximately $39,000. Finally, Parallel Advisors LLC lifted its position in shares of ArcBest by 45.8% during the 4th quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock worth $44,000 after buying an additional 114 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

About ArcBest

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.