ArcBest Corporation (ARCB) Downgraded by ValuEngine to “Hold”
ArcBest Corporation (NASDAQ:ARCB) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Monday.
ARCB has been the subject of a number of other reports. TheStreet raised shares of ArcBest Corporation from a “c” rating to a “b-” rating in a research note on Friday, July 28th. Cowen and Company reaffirmed a “buy” rating and issued a $29.00 price target on shares of ArcBest Corporation in a research note on Sunday, July 30th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $29.00 price target (up previously from $26.00) on shares of ArcBest Corporation in a research note on Wednesday, August 9th. Stifel Nicolaus reiterated a “hold” rating on shares of ArcBest Corporation in a report on Thursday, August 3rd. Finally, Zacks Investment Research upgraded shares of ArcBest Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $29.60.
Shares of ArcBest Corporation (ARCB) traded up 1.79% during trading on Monday, hitting $34.05. 352,788 shares of the company traded hands. The company has a market capitalization of $875.29 million, a price-to-earnings ratio of 39.14 and a beta of 1.77. ArcBest Corporation has a 52 week low of $16.95 and a 52 week high of $34.25. The company has a 50 day moving average price of $28.90 and a 200 day moving average price of $24.23.
ArcBest Corporation (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, July 28th. The transportation company reported $0.57 EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $720.40 million for the quarter, compared to the consensus estimate of $721.11 million. During the same quarter in the prior year, the company posted $0.38 EPS. ArcBest Corporation’s quarterly revenue was up 6.5% on a year-over-year basis. On average, analysts expect that ArcBest Corporation will post $1.31 earnings per share for the current year.
In related news, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 33,600 shares of the company’s stock, valued at $869,232. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO James A. Ingram sold 6,918 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $27.14, for a total transaction of $187,754.52. Following the completion of the sale, the chief operating officer now directly owns 43,500 shares of the company’s stock, valued at $1,180,590. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,210 shares of company stock worth $665,376. Insiders own 0.97% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. State of Tennessee Treasury Department increased its position in ArcBest Corporation by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 22,796 shares of the transportation company’s stock valued at $593,000 after purchasing an additional 3,440 shares during the period. Karp Capital Management Corp purchased a new stake in shares of ArcBest Corporation in the 1st quarter worth approximately $594,000. Jane Street Group LLC purchased a new stake in shares of ArcBest Corporation in the 1st quarter worth approximately $812,000. Tudor Investment Corp ET AL lifted its position in shares of 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 worth $406,000 after purchasing an additional 1,700 shares during the period. Finally, Systematic Financial Management LP lifted its position in shares of ArcBest Corporation by 55.6% in the 2nd quarter. Systematic Financial Management LP now owns 88,382 shares of the transportation company’s stock worth $1,821,000 after purchasing an additional 31,575 shares during the period. Institutional investors own 84.91% of the company’s stock.
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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