Zacks Investment Research cut shares of ArcBest (NASDAQ:ARCB) from a buy rating to a hold rating in a research report released on Thursday morning, Zacks.com reports.
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 research firms have also issued reports on ARCB. ValuEngine lowered shares of ArcBest from a buy rating to a hold rating in a research note on Saturday, January 4th. BidaskClub lowered shares of ArcBest from a sell rating to a strong sell rating in a research note on Tuesday, December 24th. SunTrust Banks set a $35.00 price target on shares of ArcBest and gave the stock a buy rating in a research report on Wednesday, September 18th. TheStreet downgraded shares of ArcBest from a b- rating to a c+ rating in a research report on Wednesday, December 11th. Finally, Morgan Stanley decreased their price target on shares of ArcBest from $36.00 to $35.00 and set an equal weight rating for the company in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. ArcBest has an average rating of Hold and a consensus target price of $34.56.
ARCB opened at $28.09 on Thursday. The firm has a market capitalization of $716.49 million, a P/E ratio of 8.97 and a beta of 1.94. The firm’s 50 day moving average is $27.75 and its 200-day moving average is $28.70. ArcBest has a 52-week low of $24.68 and a 52-week high of $41.87. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.39.
ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Thursday, October 31st. The transportation company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.15. The company had revenue of $787.56 million for the quarter, compared to analyst estimates of $797.16 million. ArcBest had a net margin of 2.00% and a return on equity of 11.27%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.49 earnings per share. Equities analysts expect that ArcBest will post 2.53 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. grew its position in shares of ArcBest by 280.5% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,891 shares of the transportation company’s stock worth $53,000 after buying an additional 1,394 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of ArcBest during the second quarter worth approximately $87,000. AMP Capital Investors Ltd acquired a new stake in shares of ArcBest during the second quarter worth approximately $221,000. 6 Meridian acquired a new stake in shares of ArcBest during the third quarter worth approximately $245,000. Finally, United Services Automobile Association grew its position in shares of ArcBest by 14.2% during the second quarter. United Services Automobile Association now owns 8,778 shares of the transportation company’s stock worth $247,000 after buying an additional 1,090 shares in the last quarter. 91.57% of the stock is owned by institutional investors and hedge funds.
About ArcBest
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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