Zacks Investment Research downgraded shares of ArcBest Corporation (NASDAQ:ARCB) from a buy rating to a hold rating in a report issued on Monday morning.
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. “
Other equities analysts have also recently issued research reports about the stock. TheStreet raised shares of ArcBest Corporation from a c rating to a b- rating in a research report on Friday, July 28th. Cowen and Company reaffirmed a buy rating and set a $29.00 price objective on shares of ArcBest Corporation in a research report on Sunday, July 30th. ValuEngine raised shares of ArcBest Corporation from a hold rating to a buy rating in a research report on Friday, September 1st. Morgan Stanley reaffirmed an equal weight rating and set a $22.00 price objective (up previously from $21.00) on shares of ArcBest Corporation in a research report on Thursday, October 5th. Finally, Deutsche Bank AG reaffirmed a hold rating and set a $29.00 price objective (up previously from $26.00) on shares of ArcBest Corporation in a research report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $28.83.
Shares of ArcBest Corporation (NASDAQ:ARCB) opened at 32.80 on Monday. ArcBest Corporation has a 1-year low of $16.95 and a 1-year high of $34.25. The stock’s 50 day moving average is $30.49 and its 200 day moving average is $24.64. The company has a market cap of $843.16 million, a P/E ratio of 37.92 and a beta of 1.78.
ArcBest Corporation (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, July 28th. The transportation company reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.09. The firm had revenue of $720.40 million during the quarter, compared to analysts’ expectations of $721.11 million. ArcBest Corporation had a net margin of 0.83% and a return on equity of 4.92%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $0.38 EPS. On average, analysts predict that ArcBest Corporation will post $1.31 earnings per share for the current year.
In other ArcBest Corporation news, insider Daniel E. Loe sold 9,929 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $25.87, for a total value of $256,863.23. Following the completion of the transaction, the insider now owns 33,600 shares of the company’s stock, valued at approximately $869,232. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO James A. Ingram sold 6,918 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $27.14, for a total transaction of $187,754.52. Following the completion of the transaction, the chief operating officer now directly owns 43,500 shares of the company’s stock, valued at approximately $1,180,590. The disclosure for this sale can be found here. Insiders sold a total of 24,210 shares of company stock valued at $665,376 in the last three months. 0.97% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. State of Tennessee Treasury Department boosted its position in ArcBest Corporation by 17.8% in the 1st quarter. State of Tennessee Treasury Department now owns 22,796 shares of the transportation company’s stock valued at $593,000 after buying an additional 3,440 shares during the period. Karp Capital Management Corp purchased a new position in ArcBest Corporation in the 1st quarter valued at approximately $594,000. Jane Street Group LLC purchased a new position in ArcBest Corporation in the 1st quarter valued at approximately $812,000. Tudor Investment Corp ET AL boosted its position in ArcBest Corporation by 12.2% in the 1st quarter. Tudor Investment Corp ET AL now owns 15,600 shares of the transportation company’s stock valued at $406,000 after buying an additional 1,700 shares during the period. Finally, Systematic Financial Management LP boosted its position in ArcBest Corporation by 55.6% in the 2nd quarter. Systematic Financial Management LP now owns 88,382 shares of the transportation company’s stock valued at $1,821,000 after buying an additional 31,575 shares during the period. 84.91% of the stock is owned by institutional investors.
About ArcBest Corporation
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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