Zacks Investment Research upgraded shares of ArcBest (NASDAQ:ARCB) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. They currently have $31.00 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. “
ARCB has been the topic of several other research reports. Morgan Stanley dropped their target price on shares of ArcBest from $36.00 to $35.00 and set an equal weight rating on the stock in a report on Monday. ValuEngine downgraded shares of ArcBest from a buy rating to a hold rating in a research note on Saturday, January 4th. BidaskClub downgraded shares of ArcBest from a sell rating to a strong sell rating in a research note on Tuesday, December 24th. TheStreet downgraded shares of ArcBest from a b- rating to a c+ rating in a research note on Wednesday, December 11th. Finally, SunTrust Banks set a $35.00 price target on shares of ArcBest and gave the company a buy rating in a research note on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $34.56.
ARCB stock traded down $0.01 during midday trading on Wednesday, hitting $27.51. The stock had a trading volume of 10,080 shares, compared to its average volume of 141,670. The firm has a market cap of $698.89 million, a P/E ratio of 7.13 and a beta of 1.94. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.39. ArcBest has a 1-year low of $24.68 and a 1-year high of $41.87. The business has a fifty day moving average price of $27.90 and a two-hundred day moving average price of $28.65.
ArcBest (NASDAQ:ARCB) last released its earnings results on Thursday, October 31st. The transportation company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.15. The business 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%. ArcBest’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.49 earnings per share. On average, equities analysts anticipate that ArcBest will post 2.54 EPS for the current year.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of ArcBest by 0.4% during the second quarter. BlackRock Inc. now owns 3,763,154 shares of the transportation company’s stock worth $105,782,000 after acquiring an additional 13,182 shares in the last quarter. Northern Trust Corp grew its position in ArcBest by 2.3% in the 2nd quarter. Northern Trust Corp now owns 527,250 shares of the transportation company’s stock worth $14,820,000 after purchasing an additional 11,616 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in ArcBest in the 2nd quarter worth about $11,612,000. D. E. Shaw & Co. Inc. grew its position in ArcBest by 33.3% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 395,122 shares of the transportation company’s stock worth $11,107,000 after purchasing an additional 98,634 shares in the last quarter. Finally, Bank of America Corp DE grew its position in ArcBest by 17.7% in the 2nd quarter. Bank of America Corp DE now owns 304,637 shares of the transportation company’s stock worth $8,563,000 after purchasing an additional 45,704 shares in the last quarter. 91.57% of the stock is owned by institutional investors.
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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