ArcBest Corp. (ARCB) Trading Up 3.5%
ArcBest Corp. (NASDAQ:ARCB) was up 3.5% on Friday . The stock traded as high as $18.12 and last traded at $18.12, with a volume of 79,322 shares trading hands. The stock had previously closed at $17.50.
Several equities research analysts recently weighed in on ARCB shares. Zacks Investment Research upgraded shares of ArcBest Corp. from a “sell” rating to a “hold” rating in a research note on Monday, April 11th. Stifel Nicolaus cut shares of ArcBest Corp. from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. They noted that the move was a valuation call. Citigroup Inc. reduced their target price on shares of ArcBest Corp. from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, July 11th. Finally, Deutsche Bank AG set a $20.00 target price on shares of ArcBest Corp. and gave the company a “hold” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $24.64.
The stock’s 50-day moving average price is $16.83 and its 200-day moving average price is $19.00. The stock has a market capitalization of $468.65 million and a P/E ratio of 12.81.
ArcBest Corp. (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, April 29th. The company reported ($0.23) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by $0.13. The company had revenue of $621.50 million for the quarter, compared to analyst estimates of $625.82 million. The business’s revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.06 EPS. On average, equities analysts forecast that ArcBest Corp. will post $1.10 EPS for the current fiscal year.
Other hedge funds and institutional investors recently made changes to their positions in the company. Sei Investments Co. raised its position in shares of ArcBest Corp. by 9.4% in the fourth quarter. Sei Investments Co. now owns 51,043 shares of the company’s stock worth $1,092,000 after buying an additional 4,377 shares during the period. Boston Partners bought a new position in shares of ArcBest Corp. during the fourth quarter worth approximately $1,594,000. Bank of Montreal Can raised its position in shares of ArcBest Corp. by 346.4% in the fourth quarter. Bank of Montreal Can now owns 214,014 shares of the company’s stock worth $4,578,000 after buying an additional 166,068 shares during the period. Principal Financial Group Inc. raised its position in shares of ArcBest Corp. by 4.1% in the fourth quarter. Principal Financial Group Inc. now owns 422,723 shares of the company’s stock worth $9,042,000 after buying an additional 16,588 shares during the period. Finally, Matarin Capital Management LLC bought a new position in shares of ArcBest Corp. during the fourth quarter worth approximately $5,779,000.
ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).
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