ArcBest Corporation (NASDAQ:ARCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $36.00 price objective on the transportation company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.98% from the company’s previous close.
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. “
Other equities research analysts also recently issued research reports about the company. BidaskClub downgraded ArcBest Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. ValuEngine upgraded ArcBest Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Morgan Stanley reiterated an “equal weight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of ArcBest Corporation in a report on Thursday, October 5th. Cowen and Company reiterated 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 began coverage on ArcBest Corporation in a report on Monday, August 21st. They issued a “neutral” rating and a $29.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $28.83.
Shares of ArcBest Corporation (ARCB) traded up 0.78% during trading on Tuesday, hitting $32.15. The stock had a trading volume of 264,579 shares. The company’s 50 day moving average price is $29.88 and its 200 day moving average price is $24.48. ArcBest Corporation has a 12 month low of $16.95 and a 12 month high of $34.25. The stock has a market cap of $826.45 million, a price-to-earnings ratio of 37.17 and a beta of 1.77.
ArcBest Corporation (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, July 28th. The transportation company reported $0.57 EPS for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $721.11 million. During the same quarter in the prior year, the company posted $0.38 EPS. The company’s quarterly revenue was up 6.5% on a year-over-year basis. Equities research analysts expect that ArcBest Corporation will post $1.31 earnings per share for the current fiscal year.
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In other ArcBest Corporation news, COO James A. Ingram sold 6,918 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $27.14, for a total transaction of $187,754.52. Following the sale, the chief operating officer now owns 43,500 shares in the company, valued at approximately $1,180,590. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $25.87, for a total value of $256,863.23. Following the sale, the insider now owns 33,600 shares in the company, valued at approximately $869,232. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,210 shares of company stock worth $665,376. 0.97% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. State of Tennessee Treasury Department increased its holdings in ArcBest Corporation by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 22,796 shares of the transportation company’s stock worth $593,000 after purchasing an additional 3,440 shares during the period. Karp Capital Management Corp purchased a new position in shares of ArcBest Corporation in the 1st quarter valued at about $594,000. Jane Street Group LLC purchased a new position in shares of ArcBest Corporation in the 1st quarter valued at about $812,000. Tudor Investment Corp ET AL increased its holdings in shares of ArcBest Corporation by 12.2% in the 1st quarter. Tudor Investment Corp ET AL now owns 15,600 shares of the transportation company’s stock valued at $406,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Systematic Financial Management LP increased its holdings in shares of ArcBest Corporation by 55.6% in the 2nd quarter. Systematic Financial Management LP now owns 88,382 shares of the transportation company’s stock valued at $1,821,000 after acquiring an additional 31,575 shares during the last quarter. Institutional investors own 84.91% of the company’s stock.
ArcBest Corporation 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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