ArcBest (NASDAQ:ARCB) Cut to Hold at StockNews.com

StockNews.com lowered shares of ArcBest (NASDAQ:ARCB) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

Several other equities analysts also recently weighed in on the company. Wells Fargo & Company downgraded ArcBest from an overweight rating to an equal weight rating and cut their target price for the company from $122.00 to $112.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. decreased their price objective on shares of ArcBest from $134.00 to $133.00 and set a neutral rating for the company in a research note on Friday, September 6th. Bank of America reduced their price target on ArcBest from $102.00 to $99.00 and set an underperform rating on the stock in a report on Wednesday, September 4th. Morgan Stanley dropped their price objective on ArcBest from $180.00 to $176.00 and set an overweight rating for the company in a report on Monday, July 8th. Finally, Stephens reiterated an overweight rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $133.18.

ArcBest Stock Up 1.4 %

Shares of ARCB opened at $109.30 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of 21.99, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46. ArcBest has a 1 year low of $86.93 and a 1 year high of $153.60. The business’s 50 day simple moving average is $108.88 and its 200-day simple moving average is $116.78.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.54 earnings per share. As a group, equities analysts expect that ArcBest will post 7.21 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Insider Activity

In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now owns 3,650 shares in the company, valued at $379,344.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Hedge funds have recently made changes to their positions in the stock. Quarry LP lifted its position in shares of ArcBest by 120.7% during the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after buying an additional 134 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in ArcBest by 49.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Contravisory Investment Management Inc. grew its position in ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares during the last quarter. Innealta Capital LLC acquired a new position in ArcBest during the 2nd quarter valued at approximately $33,000. Finally, Quest Partners LLC purchased a new position in shares of ArcBest in the second quarter worth $36,000. 99.27% of the stock is currently owned by hedge funds and other 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.