ArcBest Corp. (ARCB) Cut to Strong Sell at Zacks Investment Research
ArcBest Corp. (NASDAQ:ARCB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” 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. “
Several other brokerages have also recently issued reports on ARCB. Buckingham Research assumed coverage on shares of ArcBest Corp. in a report on Friday, September 23rd. They set a “buy” rating and a $24.00 target price for the company. Citigroup Inc. raised their target price on shares of ArcBest Corp. from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, September 8th. Finally, Deutsche Bank AG set a $20.00 target price on shares of ArcBest Corp. and gave the stock a “hold” rating in a report on Thursday, July 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $22.07.
ArcBest Corp. (NASDAQ:ARCB) traded up 1.66% during midday trading on Wednesday, hitting $19.01. The stock had a trading volume of 133,908 shares. The firm has a 50-day moving average of $18.44 and a 200 day moving average of $18.50. ArcBest Corp. has a 52-week low of $14.85 and a 52-week high of $28.80. The firm has a market capitalization of $489.49 million, a P/E ratio of 17.83 and a beta of 1.78.
ArcBest Corp. (NASDAQ:ARCB) last issued its earnings results on Friday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.05. ArcBest Corp. had a return on equity of 5.02% and a net margin of 1.06%. The business had revenue of $676.60 million for the quarter, compared to analysts’ expectations of $683.12 million. During the same period last year, the business earned $0.75 EPS. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, equities analysts forecast that ArcBest Corp. will post $0.90 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors boosted its position in ArcBest Corp. by 0.7% in the first quarter. BlackRock Fund Advisors now owns 1,565,260 shares of the company’s stock worth $33,794,000 after buying an additional 11,470 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in ArcBest Corp. by 60.2% in the first quarter. JPMorgan Chase & Co. now owns 1,539,160 shares of the company’s stock worth $33,230,000 after buying an additional 578,317 shares in the last quarter. Algert Global LLC boosted its stake in ArcBest Corp. by 13.6% in the first quarter. Algert Global LLC now owns 21,519 shares of the company’s stock worth $465,000 after buying an additional 2,569 shares in the last quarter. Aristotle Capital Boston LLC boosted its stake in ArcBest Corp. by 3.2% in the second quarter. Aristotle Capital Boston LLC now owns 203,822 shares of the company’s stock worth $3,312,000 after buying an additional 6,412 shares in the last quarter. Finally, Aperio Group LLC boosted its stake in ArcBest Corp. by 35.9% in the first quarter. Aperio Group LLC now owns 16,729 shares of the company’s stock worth $361,000 after buying an additional 4,423 shares in the last quarter. 84.52% of the stock is owned by institutional investors.
ArcBest Corp. Company Profile
ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).
Receive News & Stock Ratings for ArcBest Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ArcBest Corp. and related stocks with our FREE daily email newsletter.