Zacks Investment Research upgraded shares of ArcBest Corporation (NASDAQ:ARCB) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $36.00 price target on the transportation company’s stock.

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. “

A number of other brokerages have also issued reports on ARCB. BidaskClub lowered 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. Morgan Stanley reissued an equal weight rating and issued a $22.00 price objective (up from $21.00) on shares of ArcBest Corporation in a report on Thursday, October 5th. Cowen and Company reissued a buy rating and issued a $29.00 price objective on shares of ArcBest Corporation in a report on Sunday, July 30th. Finally, Buckingham Research started coverage on ArcBest Corporation in a report on Monday, August 21st. They issued a neutral rating and a $29.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. ArcBest Corporation has a consensus rating of Hold and an average target price of $28.83.

Shares of ArcBest Corporation (ARCB) traded down 3.20% on Tuesday, hitting $31.80. The company’s stock had a trading volume of 60,044 shares. The company has a 50 day moving average of $30.49 and a 200 day moving average of $24.64. The firm has a market cap of $817.45 million, a PE ratio of 36.76 and a beta of 1.78. ArcBest Corporation has a 1-year low of $16.95 and a 1-year high of $34.25.

ArcBest Corporation (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, July 28th. The transportation company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $721.11 million. During the same period in the prior year, the company posted $0.38 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities analysts forecast that ArcBest Corporation will post $1.31 EPS for the current year.

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In other ArcBest Corporation news, insider Daniel E. Loe sold 9,929 shares of the stock in a transaction 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 transaction, the insider now directly owns 33,600 shares of the company’s stock, valued at approximately $869,232. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael R. Johns sold 6,593 shares of the stock in a transaction 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 transaction, the vice president now directly owns 35,700 shares of the company’s stock, valued at $1,070,286. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,210 shares of company stock valued at $665,376. 0.97% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of ARCB. BlackRock Inc. boosted its stake in ArcBest Corporation by 18,670.6% during the 1st quarter. BlackRock Inc. now owns 3,328,407 shares of the transportation company’s stock valued at $86,539,000 after purchasing an additional 3,310,675 shares in the last quarter. Vanguard Group Inc. boosted its stake in ArcBest Corporation by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 2,133,187 shares of the transportation company’s stock valued at $55,462,000 after purchasing an additional 124,009 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in ArcBest Corporation by 26.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 524,005 shares of the transportation company’s stock valued at $10,792,000 after purchasing an additional 108,200 shares in the last quarter. Eagle Boston Investment Management Inc. boosted its stake in ArcBest Corporation by 39.4% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 299,844 shares of the transportation company’s stock valued at $6,176,000 after purchasing an additional 84,764 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in ArcBest Corporation by 1,508.7% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 87,350 shares of the transportation company’s stock valued at $1,799,000 after purchasing an additional 81,920 shares in the last quarter. 84.91% of the stock is owned by hedge funds and other institutional investors.

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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