Zacks Research Downgrades ArcBest (NASDAQ:ARCB) to Hold

ArcBest (NASDAQ:ARCB) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group reissued a “buy” rating and set a $172.00 price objective on shares of ArcBest in a research note on Wednesday, July 29th. Stephens raised ArcBest to a “strong-buy” rating in a research report on Wednesday, July 8th. Weiss Ratings lowered ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. lifted their target price on ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Finally, Citigroup lowered their price target on ArcBest from $178.00 to $171.00 and set a “buy” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $154.23.

ArcBest Price Performance

ARCB opened at $135.25 on Wednesday. The company’s 50 day simple moving average is $149.66 and its 200 day simple moving average is $121.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. ArcBest has a 1 year low of $59.43 and a 1 year high of $176.69. The stock has a market capitalization of $3.02 billion, a PE ratio of 196.01, a P/E/G ratio of 0.46 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.26 by $0.12. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. ArcBest’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.36 earnings per share. As a group, sell-side analysts expect that ArcBest will post 6.9 EPS for the current year.

Insiders Place Their Bets

In related news, Director Judy R. Mcreynolds sold 1,500 shares of the company’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 completion of the sale, the director directly owned 61,348 shares of the company’s stock, valued at approximately $8,881,963.44. This represents a 2.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the 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 sale, the insider owned 24,286 shares of the company’s stock, valued at approximately $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ARCB. Bank of New York Mellon Corp purchased a new stake in shares of ArcBest in the second quarter worth about $27,281,000. State of Wyoming purchased a new stake in shares of ArcBest during the 2nd quarter valued at about $278,000. Glenmede Trust Co. NA raised its holdings in shares of ArcBest by 1.5% during the 1st quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company’s stock valued at $606,000 after buying an additional 93 shares during the period. Amundi raised its holdings in shares of ArcBest by 54.6% during the 1st quarter. Amundi now owns 7,478 shares of the transportation company’s stock valued at $736,000 after buying an additional 2,640 shares during the period. Finally, California State Teachers Retirement System lifted its position in ArcBest by 24.7% during the 1st quarter. California State Teachers Retirement System now owns 26,926 shares of the transportation company’s stock worth $2,648,000 after acquiring an additional 5,325 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.