ArcBest Corp. (ARCB) Raised to Hold at Zacks Investment Research
ArcBest Corp. (NASDAQ:ARCB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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 research analysts also recently issued research reports about the company. Buckingham Research initiated coverage on ArcBest Corp. in a report on Friday, September 23rd. They issued a “buy” rating and a $24.00 price objective for the company. Deutsche Bank AG set a $20.00 price objective on ArcBest Corp. and gave the company a “hold” rating in a report on Thursday, July 21st. Finally, Citigroup Inc. upped their price objective on ArcBest Corp. from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, September 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. ArcBest Corp. currently has an average rating of “Hold” and an average price target of $22.07.
ArcBest Corp. (NASDAQ:ARCB) traded up 5.34% during midday trading on Wednesday, hitting $20.92. The stock had a trading volume of 322,481 shares. ArcBest Corp. has a 52 week low of $14.85 and a 52 week high of $28.80. The firm has a market cap of $538.67 million, a P/E ratio of 19.62 and a beta of 1.66. The stock has a 50-day moving average of $18.67 and a 200-day moving average of $18.38.
ArcBest Corp. (NASDAQ:ARCB) last released its quarterly earnings data on Friday, July 29th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by $0.05. The company earned $676.60 million during the quarter, compared to the consensus estimate of $683.12 million. ArcBest Corp. had a net margin of 1.06% and a return on equity of 5.02%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 EPS. Analysts forecast that ArcBest Corp. will post $0.90 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System boosted its position in ArcBest Corp. by 0.8% in the second quarter. Arizona State Retirement System now owns 12,516 shares of the company’s stock valued at $203,000 after buying an additional 100 shares in the last quarter. Algert Global LLC boosted its position in ArcBest Corp. by 0.8% in the second quarter. Algert Global LLC now owns 21,685 shares of the company’s stock valued at $352,000 after buying an additional 166 shares in the last quarter. Pinnacle Holdings LLC boosted its position in ArcBest Corp. by 1.1% in the first quarter. Pinnacle Holdings LLC now owns 30,442 shares of the company’s stock valued at $657,000 after buying an additional 345 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in ArcBest Corp. by 3.3% in the second quarter. Thrivent Financial for Lutherans now owns 11,520 shares of the company’s stock valued at $187,000 after buying an additional 370 shares in the last quarter. Finally, I.G. Investment Management LTD. boosted its position in ArcBest Corp. by 1.9% in the second quarter. I.G. Investment Management LTD. now owns 47,085 shares of the company’s stock valued at $765,000 after buying an additional 862 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).
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