ArcBest Corporation (ARCB) Receives “Equal Weight” Rating from Morgan Stanley
Morgan Stanley reissued their equal weight rating on shares of ArcBest Corporation (NASDAQ:ARCB) in a report published on Thursday morning. The brokerage currently has a $22.00 price objective on the transportation company’s stock, up from their prior price objective of $21.00.
ARCB has been the subject of a number of other reports. Deutsche Bank AG reissued a hold rating and set a $29.00 price objective (up from $26.00) on shares of ArcBest Corporation in a research report on Wednesday, August 9th. Cowen and Company reissued a buy rating and set a $29.00 price objective on shares of ArcBest Corporation in a research report on Sunday, July 30th. TheStreet upgraded ArcBest Corporation from a c rating to a b- rating in a research note on Friday, July 28th. Zacks Investment Research upgraded ArcBest Corporation from a sell rating to a hold rating in a research note on Thursday, July 6th. Finally, Stifel Nicolaus restated a hold rating and set a $28.00 target price on shares of ArcBest Corporation in a research note on Thursday, September 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $27.40.
ArcBest Corporation (NASDAQ:ARCB) traded down 0.15% during mid-day trading on Thursday, hitting $32.85. 300,238 shares of the company’s stock traded hands. ArcBest Corporation has a one year low of $16.95 and a one year high of $34.25. The firm’s 50-day moving average price is $29.51 and its 200-day moving average price is $24.41. The stock has a market cap of $844.44 million, a PE ratio of 37.98 and a beta of 1.78.
ArcBest Corporation (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, July 28th. The transportation company reported $0.57 EPS for the quarter, topping the Zacks’ 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 business had revenue of $720.40 million during the quarter, compared to the consensus estimate of $721.11 million. During the same period in the previous year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, analysts forecast that ArcBest Corporation will post $1.31 EPS for the current fiscal 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 value of $256,863.23. Following the completion of the sale, the insider now owns 33,600 shares in the company, valued at $869,232. The sale 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 shares were sold at an average price of $29.98, for a total value of $197,658.14. Following the completion of the sale, the vice president now owns 35,700 shares of the company’s stock, valued at approximately $1,070,286. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,210 shares of company stock valued at $665,376. 0.97% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its stake in ArcBest Corporation by 8.7% in the second quarter. The Manufacturers Life Insurance Company now owns 21,032 shares of the transportation company’s stock valued at $434,000 after buying an additional 1,683 shares during the last quarter. PDT Partners LLC lifted its stake in ArcBest Corporation by 22.6% in the second quarter. PDT Partners LLC now owns 55,300 shares of the transportation company’s stock valued at $1,139,000 after buying an additional 10,200 shares during the last quarter. Petrus Trust Company LTA lifted its stake in ArcBest Corporation by 39.8% in the second quarter. Petrus Trust Company LTA now owns 14,047 shares of the transportation company’s stock valued at $289,000 after buying an additional 3,996 shares during the last quarter. Voya Investment Management LLC raised its stake in shares of ArcBest Corporation by 4.7% during the second quarter. Voya Investment Management LLC now owns 33,561 shares of the transportation company’s stock worth $691,000 after purchasing an additional 1,503 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of ArcBest Corporation during the second quarter worth approximately $1,192,000. 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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