Stifel Nicolaus Downgrades ArcBest (ARCB) to Sell
ArcBest (NASDAQ:ARCB) was downgraded by analysts at Stifel Nicolaus from a “hold” rating to a “sell” rating in a research report issued on Wednesday. They presently have a $32.00 price objective on the transportation company’s stock, up from their previous price objective of $27.00. Stifel Nicolaus’ price target points to a potential downside of 9.48% from the company’s previous close.
A number of other analysts have also weighed in on ARCB. Cowen reiterated a “market perform” rating and issued a $33.00 target price (up previously from $29.00) on shares of ArcBest in a research note on Monday, November 6th. BidaskClub upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $22.00 target price (up previously from $21.00) on shares of ArcBest in a research note on Thursday, October 5th. ValuEngine lowered ArcBest from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Finally, Buckingham Research assumed coverage on ArcBest in a research note on Monday, August 21st. They issued a “neutral” rating and a $29.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $31.43.
ArcBest (NASDAQ ARCB) remained flat at $$35.35 during trading hours on Wednesday. 207,200 shares of the company’s stock were exchanged, compared to its average volume of 246,609. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.26 and a current ratio of 1.26. ArcBest has a 52 week low of $16.95 and a 52 week high of $38.75. The company has a market cap of $906.26, a PE ratio of 28.74 and a beta of 1.82.
In other news, Director Steven Spinner sold 4,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $32.00, for a total transaction of $128,000.00. Following the transaction, the director now owns 24,700 shares of the company’s stock, valued at approximately $790,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Janice E. Stipp sold 3,700 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $38.09, for a total value of $140,933.00. Following the transaction, the director now directly owns 20,200 shares in the company, valued at approximately $769,418. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Pacad Investment Ltd. grew its position in shares of ArcBest by 34.1% during the 2nd quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock worth $122,000 after buying an additional 1,500 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in ArcBest by 61.6% during the second quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock valued at $160,000 after purchasing an additional 2,957 shares in the last quarter. Stephens Inc. AR bought a new stake in ArcBest during the third quarter valued at about $299,000. Louisiana State Employees Retirement System boosted its position in ArcBest by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock valued at $202,000 after purchasing an additional 100 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in ArcBest during the second quarter valued at about $236,000. 89.57% of the stock is currently owned by institutional investors and hedge funds.
ArcBest 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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