ArcBest Corporation (NASDAQ:ARCB) had its price target raised by analysts at Buckingham Research from $29.00 to $33.00 in a research note issued on Monday, November 6th. The brokerage presently has a “neutral” rating on the transportation company’s stock. Buckingham Research’s target price indicates a potential downside of 5.85% from the stock’s previous close.
Several other analysts also recently weighed in on ARCB. Stifel Nicolaus reiterated a “hold” rating on shares of ArcBest in a report on Thursday, August 3rd. TheStreet upgraded shares of ArcBest from a “c” rating to a “b-” rating in a research note on Friday, July 28th. Cowen Inc restated a “buy” rating and issued a $29.00 price target on shares of ArcBest in a research note on Sunday, July 30th. BidaskClub cut shares of ArcBest from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $22.00 price target (up from $21.00) on shares of ArcBest in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $30.86.
ArcBest (NASDAQ:ARCB) remained flat at $$35.05 on Monday. The company had a trading volume of 83,619 shares, compared to its average volume of 236,214. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.26 and a current ratio of 1.26. ArcBest has a 1-year low of $16.95 and a 1-year high of $35.60. The firm has a market capitalization of $898.57, a PE ratio of 28.50 and a beta of 1.78.
In other ArcBest news, Director Steven Spinner sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $32.00, for a total transaction of $128,000.00. Following the transaction, the director now directly owns 24,700 shares in the company, valued at $790,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael R. Johns sold 6,593 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $29.98, for a total transaction of $197,658.14. Following 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 quarter, insiders have sold 11,363 shares of company stock worth $348,758. Company insiders own 0.97% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Pacad Investment Ltd. lifted its stake in shares of ArcBest by 34.1% during the second quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock valued at $122,000 after buying an additional 1,500 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of ArcBest by 61.6% during the second quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock valued at $160,000 after buying an additional 2,957 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of ArcBest by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock valued at $202,000 after buying an additional 100 shares during the period. Marshall Wace North America L.P. purchased a new position in shares of ArcBest during the second quarter valued at approximately $236,000. Finally, Arizona State Retirement System lifted its stake in shares of ArcBest by 0.8% during the second quarter. Arizona State Retirement System now owns 12,516 shares of the transportation company’s stock valued at $258,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 86.19% of the company’s stock.
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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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