ValuEngine cut shares of ArcBest Corporation (NASDAQ:ARCB) from a buy rating to a hold rating in a research note published on Friday morning.
ARCB has been the topic of several other research reports. Cowen and Company lowered ArcBest Corporation from an outperform rating to a market perform rating in a report on Monday, October 16th. Zacks Investment Research lowered ArcBest Corporation from a buy rating to a hold rating in a report on Wednesday, October 18th. Morgan Stanley reaffirmed an equal weight rating and set a $22.00 price objective (up previously from $21.00) on shares of ArcBest Corporation in a report on Thursday, October 5th. Deutsche Bank AG reaffirmed a hold rating and set a $29.00 price objective (up previously from $26.00) on shares of ArcBest Corporation in a report on Wednesday, August 9th. Finally, TheStreet raised ArcBest Corporation from a c rating to a b- rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $30.86.
ArcBest Corporation (NASDAQ ARCB) opened at $31.80 on Friday. The stock has a market capitalization of $819.10, a PE ratio of 25.98 and a beta of 1.78. ArcBest Corporation has a twelve month low of $16.95 and a twelve month high of $34.45. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.33.
ArcBest Corporation (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, November 3rd. The transportation company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.01. The company had revenue of $744.30 million for the quarter, compared to analyst estimates of $750.16 million. ArcBest Corporation had a return on equity of 5.34% and a net margin of 0.88%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 earnings per share. sell-side analysts forecast that ArcBest Corporation will post 1.29 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Tuesday, November 14th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Monday, November 13th. ArcBest Corporation’s dividend payout ratio is currently 34.41%.
In related news, VP Michael R. Johns sold 6,593 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $29.98, for a total transaction of $197,658.14. Following the transaction, the vice president now owns 35,700 shares of the company’s stock, valued at $1,070,286. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.97% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Pacad Investment Ltd. boosted its holdings in ArcBest Corporation by 34.1% in the 2nd quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock valued at $122,000 after purchasing an additional 1,500 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in ArcBest Corporation by 61.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock valued at $160,000 after purchasing an additional 2,957 shares in the last quarter. Stephens Inc. AR purchased a new stake in ArcBest Corporation in the 3rd quarter valued at approximately $299,000. Louisiana State Employees Retirement System boosted its holdings in ArcBest Corporation by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock valued at $202,000 after purchasing an additional 100 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in ArcBest Corporation in the 2nd quarter valued at approximately $236,000. 84.80% of the stock is currently owned by institutional investors.
About ArcBest Corporation
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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