ArcBest (NASDAQ:ARCB) Rating Lowered to Hold at Zacks Research

ArcBest (NASDAQ:ARCB) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Citizens Jmp assumed coverage on ArcBest in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 price objective for the company. UBS Group upped their target price on ArcBest from $145.00 to $154.00 and gave the company a “neutral” rating in a research report on Monday. Wall Street Zen upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. TD Cowen decreased their price target on shares of ArcBest from $175.00 to $155.00 and set a “hold” rating for the company in a research report on Thursday, July 30th. Finally, Bank of America lifted their price target on shares of ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $154.23.

ArcBest Stock Performance

NASDAQ:ARCB opened at $135.25 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50-day moving average of $149.66 and a two-hundred day moving average of $121.22. The stock has a market cap of $3.02 billion, a P/E ratio of 196.01, a PEG ratio of 0.46 and a beta of 1.57. ArcBest has a 1-year low of $59.43 and a 1-year high of $176.69.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company earned $1.36 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts expect that ArcBest will post 6.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ArcBest news, insider Erin K. Gattis sold 6,163 shares of ArcBest stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total value of $862,820.00. Following the completion of the transaction, the insider owned 24,286 shares of the company’s stock, valued at $3,400,040. The trade was a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Judy R. Mcreynolds sold 1,500 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $144.78, for a total transaction of $217,170.00. Following the sale, the director owned 61,348 shares of the company’s stock, valued at approximately $8,881,963.44. The trade was a 2.39% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.98% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ARCB. AQR Capital Management LLC boosted its holdings in shares of ArcBest by 300.3% in the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock valued at $1,898,000 after buying an additional 20,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in ArcBest by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock worth $989,000 after acquiring an additional 619 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after acquiring an additional 104,643 shares during the period. Jane Street Group LLC raised its stake in ArcBest by 278.2% during the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after acquiring an additional 33,537 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in ArcBest by 3.4% in the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock worth $1,421,000 after acquiring an additional 655 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.