ArcBest Corporation (ARCB) Downgraded by Cowen and Company to “Market Perform”
Several other equities analysts have also weighed in on the company. Zacks Investment Research raised ArcBest Corporation from a hold rating to a buy rating and set a $36.00 target price on the stock in a research note on Tuesday, October 10th. Morgan Stanley reaffirmed an equal weight rating and set a $22.00 price target (up previously from $21.00) on shares of ArcBest Corporation in a research report on Thursday, October 5th. ValuEngine lowered ArcBest Corporation from a buy rating to a hold rating in a research report on Monday, October 2nd. Stifel Nicolaus reaffirmed a hold rating and set a $28.00 price target on shares of ArcBest Corporation in a research report on Thursday, September 21st. Finally, Buckingham Research initiated coverage on ArcBest Corporation in a research report on Monday, August 21st. They set a neutral rating and a $29.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. ArcBest Corporation has an average rating of Hold and a consensus target price of $28.83.
Shares of ArcBest Corporation (NASDAQ:ARCB) opened at 30.85 on Monday. The firm has a market cap of $793.03 million, a P/E ratio of 35.66 and a beta of 1.77. The firm’s 50-day moving average price is $30.81 and its 200 day moving average price is $24.67. ArcBest Corporation has a 12-month low of $16.95 and a 12-month high of $34.25.
ArcBest Corporation (NASDAQ:ARCB) last released its earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.09. ArcBest Corporation had a return on equity of 4.92% and a net margin of 0.83%. The firm had revenue of $720.40 million for the quarter, compared to analyst estimates of $721.11 million. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts expect that ArcBest Corporation will post $1.31 earnings per share for the current fiscal year.
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In other news, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was 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 directly owns 33,600 shares of the company’s stock, valued at $869,232. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Michael R. Johns sold 6,593 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $29.98, for a total value of $197,658.14. Following the completion of the transaction, the vice president now directly owns 35,700 shares of the company’s stock, valued at $1,070,286. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,210 shares of company stock valued at $665,376. Company insiders own 0.97% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ARCB. Comerica Bank grew its holdings in shares of ArcBest Corporation by 3.5% in the first quarter. Comerica Bank now owns 26,317 shares of the transportation company’s stock valued at $717,000 after acquiring an additional 882 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of ArcBest Corporation in the first quarter valued at approximately $594,000. Sei Investments Co. grew its holdings in shares of ArcBest Corporation by 165.0% in the first quarter. Sei Investments Co. now owns 23,920 shares of the transportation company’s stock valued at $622,000 after acquiring an additional 14,894 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in shares of ArcBest Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 22,796 shares of the transportation company’s stock valued at $593,000 after acquiring an additional 3,440 shares in the last quarter. Finally, Mason Street Advisors LLC grew its holdings in shares of ArcBest Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 5,569 shares of the transportation company’s stock valued at $145,000 after acquiring an additional 362 shares in the last quarter. 84.92% of the stock is owned by institutional investors.
ArcBest Corporation Company Profile
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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