ArcBest (ARCB) Lowered to Hold at ValuEngine

ArcBest (NASDAQ:ARCB) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Friday, November 10th.

A number of other research firms have also issued reports on ARCB. Zacks Investment Research raised shares of ArcBest from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday, October 10th. BidaskClub lowered shares of ArcBest from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Cowen reissued a “market perform” rating and issued a $33.00 price objective (up previously from $29.00) on shares of ArcBest in a report on Monday, November 6th. Buckingham Research upped their price objective on shares of ArcBest from $29.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, November 6th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of ArcBest in a report on Thursday, October 5th. One research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $30.86.

ArcBest (ARCB) traded up $1.35 on Friday, hitting $36.70. 127,800 shares of the company traded hands, compared to its average volume of 247,460. 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 $36.90. The firm has a market cap of $898.57, a PE ratio of 28.50 and a beta of 1.78.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. ArcBest had a net margin of 0.88% and a return on equity of 5.34%. The business had revenue of $744.30 million during the quarter, compared to analyst estimates of $750.16 million. During the same quarter in the prior year, the firm earned $0.48 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. analysts forecast that ArcBest will post 1.28 earnings per share for the current fiscal year.

In other 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 sale, the vice president now owns 35,700 shares of the company’s stock, valued at $1,070,286. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven Spinner sold 4,000 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $32.00, for a total transaction of $128,000.00. Following the sale, the director now directly owns 24,700 shares in the company, valued at approximately $790,400. The disclosure for this sale can be found here. Insiders sold 11,363 shares of company stock worth $348,758 in the last ninety days. 0.97% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of ArcBest 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 buying an additional 3,310,675 shares during the period. Vanguard Group Inc. increased its stake in shares of ArcBest by 3.9% during the second quarter. Vanguard Group Inc. now owns 2,216,925 shares of the transportation company’s stock worth $45,669,000 after buying an additional 83,738 shares during the period. JPMorgan Chase & Co. increased its stake in shares of ArcBest by 3.1% during the second quarter. JPMorgan Chase & Co. now owns 2,192,311 shares of the transportation company’s stock worth $45,161,000 after buying an additional 65,211 shares during the period. Towle & Co. increased its stake in shares of ArcBest by 4.0% during the third quarter. Towle & Co. now owns 984,100 shares of the transportation company’s stock worth $32,918,000 after buying an additional 37,976 shares during the period. Finally, State Street Corp increased its stake in shares of ArcBest by 6.0% during the first quarter. State Street Corp now owns 712,078 shares of the transportation company’s stock worth $18,514,000 after buying an additional 40,128 shares during the period. 89.54% of the stock is currently owned by institutional investors and hedge funds.

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About ArcBest

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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