ArcBest (ARCB) Rating Increased to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of ArcBest (NASDAQ:ARCB) from a hold rating to a strong-buy rating in a report published on Monday. They currently have $44.00 target price on the transportation company’s stock.

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. “

Several other equities analysts have also weighed in on the stock. ValuEngine lowered shares of ArcBest from a buy rating to a hold rating in a report on Monday, October 2nd. Morgan Stanley reiterated an equal weight rating and issued a $22.00 target price (up from $21.00) on shares of ArcBest in a report on Thursday, October 5th. Cowen lowered shares of ArcBest from an outperform rating to a market perform rating in a report on Monday, October 16th. Buckingham Research boosted their target price on shares of ArcBest from $29.00 to $33.00 and gave the company a neutral rating in a report on Monday, November 6th. Finally, Bank of America boosted their target price on shares of ArcBest from $34.00 to $35.00 and gave the company a neutral rating in a report on Monday, November 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $32.57.

ArcBest (ARCB) traded up $1.10 on Monday, reaching $38.95. 405,500 shares of the company were exchanged, compared to its average volume of 369,800. The firm has a market capitalization of $998.56, a price-to-earnings ratio of 41.88 and a beta of 1.83. ArcBest has a 52-week low of $16.95 and a 52-week high of $39.70. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.33.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. The firm had revenue of $744.30 million for the quarter, compared to analyst estimates of $750.16 million. ArcBest had a net margin of 0.88% and a return on equity of 5.34%. ArcBest’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 earnings per share. equities analysts anticipate that ArcBest will post 1.28 EPS for the current year.

In other news, Director Janice E. Stipp sold 3,700 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $38.09, for a total value of $140,933.00. Following the transaction, the director now directly owns 20,200 shares in the company, valued at approximately $769,418. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven Spinner sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $32.00, for a total transaction of $128,000.00. Following the completion of the transaction, the director now owns 24,700 shares in the company, valued at $790,400. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,853 shares of company stock worth $499,794. Company insiders own 0.97% of the company’s stock.

Several hedge funds have recently modified their holdings of ARCB. Vanguard Group Inc. increased its stake in ArcBest by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,216,925 shares of the transportation company’s stock worth $45,669,000 after buying an additional 83,738 shares during the period. Municipal Employees Retirement System of Michigan increased its stake in ArcBest by 4.6% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 91,340 shares of the transportation company’s stock worth $3,055,000 after buying an additional 3,990 shares during the period. Macquarie Group Ltd. purchased a new stake in ArcBest during the 3rd quarter worth approximately $776,000. OxFORD Asset Management LLP purchased a new stake in ArcBest during the 3rd quarter worth approximately $1,236,000. Finally, Schwab Charles Investment Management Inc. increased its stake in ArcBest by 4.8% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 311,457 shares of the transportation company’s stock worth $10,419,000 after buying an additional 14,124 shares during the period. Hedge funds and other institutional investors own 89.53% of the company’s stock.

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ArcBest 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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