ArcBest Corporation (ARCB) Receives Average Recommendation of “Hold” from Brokerages
ArcBest Corporation (NASDAQ:ARCB) has been assigned an average recommendation of “Hold” from the ten research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $28.75.
Several equities analysts have issued reports on the company. Stifel Nicolaus reiterated a “hold” rating and set a $28.00 target price on shares of ArcBest Corporation in a research report on Thursday. ValuEngine upgraded ArcBest Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Buckingham Research assumed coverage on ArcBest Corporation in a research report on Monday, August 21st. They set a “neutral” rating and a $29.00 target price on the stock. Deutsche Bank AG reiterated a “hold” rating and set a $29.00 target price (up previously from $26.00) on shares of ArcBest Corporation in a research report on Wednesday, August 9th. Finally, TheStreet upgraded ArcBest Corporation from a “c” rating to a “b-” rating in a research report on Friday, July 28th.
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In related news, VP Michael R. Johns sold 6,593 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $29.98, for a total value of $197,658.14. Following the sale, the vice president now owns 35,700 shares in the company, valued at approximately $1,070,286. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $25.87, for a total value of $256,863.23. Following the completion of the sale, the insider now owns 33,600 shares in the company, valued at approximately $869,232. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,210 shares of company stock worth $665,376. Insiders own 0.97% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its holdings in shares of ArcBest Corporation by 8.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,032 shares of the transportation company’s stock worth $434,000 after acquiring an additional 1,683 shares during the period. PDT Partners LLC grew its holdings in shares of ArcBest Corporation by 22.6% in the 2nd quarter. PDT Partners LLC now owns 55,300 shares of the transportation company’s stock worth $1,139,000 after acquiring an additional 10,200 shares during the period. Petrus Trust Company LTA grew its holdings in shares of ArcBest Corporation by 39.8% in the 2nd quarter. Petrus Trust Company LTA now owns 14,047 shares of the transportation company’s stock worth $289,000 after acquiring an additional 3,996 shares during the period. Voya Investment Management LLC grew its holdings in shares of ArcBest Corporation by 4.7% in the 2nd quarter. Voya Investment Management LLC now owns 33,561 shares of the transportation company’s stock worth $691,000 after acquiring an additional 1,503 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in shares of ArcBest Corporation in the 2nd quarter worth approximately $1,192,000. Institutional investors and hedge funds own 84.91% of the company’s stock.
Shares of ArcBest Corporation (NASDAQ:ARCB) opened at 30.70 on Friday. The firm has a market capitalization of $789.17 million, a price-to-earnings ratio of 35.49 and a beta of 1.70. The firm has a 50-day moving average price of $27.44 and a 200 day moving average price of $23.98. ArcBest Corporation has a one year low of $16.95 and a one year high of $33.95.
ArcBest Corporation (NASDAQ:ARCB) last released its earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.09. ArcBest Corporation had a return on equity of 4.92% and a net margin of 0.83%. The company had revenue of $720.40 million for the quarter, compared to analysts’ expectations of $721.11 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. Equities analysts forecast that ArcBest Corporation will post $1.31 earnings per share for the current fiscal year.
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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