ArcBest Corporation (NASDAQ:ARCB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 company. Stifel Nicolaus reaffirmed a “hold” rating on shares of ArcBest Corporation in a report on Thursday, August 3rd. BidaskClub cut ArcBest Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. ValuEngine raised ArcBest Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Buckingham Research began coverage on ArcBest Corporation in a report on Monday, August 21st. They issued a “neutral” rating and a $29.00 price target for the company. Finally, TheStreet raised ArcBest Corporation from a “c” rating to a “b-” rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $28.83.
ArcBest Corporation (NASDAQ ARCB) traded up 0.83% on Wednesday, hitting $30.25. The stock had a trading volume of 240,780 shares. The company has a 50 day moving average price of $30.81 and a 200-day moving average price of $24.67. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $34.25. The company has a market cap of $777.61 million, a price-to-earnings ratio of 34.97 and a beta of 1.78.
ArcBest Corporation (NASDAQ:ARCB) last released its quarterly earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. The company had revenue of $720.40 million during the quarter, compared to analysts’ expectations of $721.11 million. ArcBest Corporation had a return on equity of 4.92% and a net margin of 0.83%. ArcBest Corporation’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. On average, equities research analysts predict that ArcBest Corporation will post $1.30 earnings per share for the current year.
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In other ArcBest Corporation news, insider Daniel E. Loe sold 9,929 shares of the business’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 transaction of $256,863.23. Following the completion of the sale, the insider now directly owns 33,600 shares in the company, valued at approximately $869,232. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Michael R. Johns sold 6,593 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $29.98, for a total value 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 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 ninety days. 0.97% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of ARCB. Comerica Bank increased its stake in ArcBest Corporation by 3.5% during the 1st quarter. Comerica Bank now owns 26,317 shares of the transportation company’s stock worth $717,000 after buying an additional 882 shares in the last quarter. Karp Capital Management Corp purchased a new stake in ArcBest Corporation during the 1st quarter worth approximately $594,000. Sei Investments Co. increased its stake in ArcBest Corporation by 165.0% during the 1st quarter. Sei Investments Co. now owns 23,920 shares of the transportation company’s stock worth $622,000 after buying an additional 14,894 shares in the last quarter. Mason Street Advisors LLC increased its stake in ArcBest Corporation by 7.0% during the 1st quarter. Mason Street Advisors LLC now owns 5,569 shares of the transportation company’s stock worth $145,000 after buying an additional 362 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in ArcBest Corporation by 12.4% during the 1st quarter. Victory Capital Management Inc. now owns 49,219 shares of the transportation company’s stock worth $1,280,000 after buying an additional 5,420 shares in the last quarter. Institutional investors own 84.92% of the company’s stock.
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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