TD Cowen Lowers ArcBest (NASDAQ:ARCB) to Hold

TD Cowen cut shares of ArcBest (NASDAQ:ARCB) from a buy rating to a hold rating in a research report sent to investors on Monday, MarketBeat.com reports. They currently have $114.00 price target on the transportation company’s stock, down from their previous price target of $131.00.

A number of other research firms also recently commented on ARCB. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. Stephens reiterated an “overweight” rating and issued a $130.00 price objective on shares of ArcBest in a report on Wednesday, September 4th. Jefferies Financial Group dropped their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company downgraded ArcBest from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $122.00 to $112.00 in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, ArcBest currently has a consensus rating of “Hold” and an average target price of $127.92.

ArcBest Trading Down 1.3 %

ARCB stock opened at $104.89 on Monday. The company has a market cap of $2.46 billion, a P/E ratio of 21.10, a PEG ratio of 1.28 and a beta of 1.46. ArcBest has a twelve month low of $86.93 and a twelve month high of $153.60. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. The business has a fifty day moving average of $105.56 and a 200-day moving average of $113.81.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.54 EPS. As a group, equities research analysts expect that ArcBest will post 7.06 EPS for the current year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.46%. ArcBest’s payout ratio is presently 9.66%.

Insider Buying and Selling

In other news, Director Salvatore A. Abbate acquired 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares in the company, valued at $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. ZWJ Investment Counsel Inc. bought a new position in shares of ArcBest during the third quarter worth about $211,000. Creative Planning grew its stake in ArcBest by 7.6% in the third quarter. Creative Planning now owns 4,933 shares of the transportation company’s stock valued at $535,000 after purchasing an additional 349 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in ArcBest by 24.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,100 shares of the transportation company’s stock valued at $877,000 after purchasing an additional 1,600 shares in the last quarter. GAMMA Investing LLC grew its stake in ArcBest by 63.7% in the third quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 200 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its stake in ArcBest by 50.0% in the third quarter. Handelsbanken Fonder AB now owns 7,500 shares of the transportation company’s stock valued at $813,000 after purchasing an additional 2,500 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors.

ArcBest Company Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.