ArcBest Corporation (ARCB) Receives Market Perform Rating from Cowen and Company
Cowen and Company reaffirmed their market perform rating on shares of ArcBest Corporation (NASDAQ:ARCB) in a report published on Monday, Marketbeat.com reports. Cowen and Company currently has a $33.00 target price on the transportation company’s stock, up from their prior target price of $29.00.
A number of other brokerages also recently weighed in on ARCB. Zacks Investment Research upgraded ArcBest Corporation from a hold rating to a buy rating and set a $36.00 price target for the company in a report on Tuesday, October 10th. BidaskClub lowered ArcBest Corporation from a hold rating to a sell rating in a research report on Thursday, July 27th. ValuEngine upgraded ArcBest Corporation from a hold rating to a buy rating in a research report on Friday, September 1st. Morgan Stanley restated an equal weight rating and set a $22.00 price objective (up previously from $21.00) on shares of ArcBest Corporation in a research report on Thursday, October 5th. Finally, Buckingham Research began coverage on ArcBest Corporation in a research report on Monday, August 21st. They set a neutral rating and a $29.00 price objective for the company. One research analyst has rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $30.86.
ArcBest Corporation (NASDAQ ARCB) traded up $0.10 during midday trading on Monday, hitting $31.90. The stock had a trading volume of 80,634 shares, compared to its average volume of 248,197. The firm has a market cap of $822.94, a price-to-earnings ratio of 26.10 and a beta of 1.78. ArcBest Corporation has a fifty-two week low of $16.95 and a fifty-two week high of $34.45. The company has a quick ratio of 1.24, a current ratio of 1.26 and a debt-to-equity ratio of 0.33.
ArcBest Corporation (NASDAQ:ARCB) last announced its earnings results on Friday, November 3rd. The transportation company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.58 by $0.01. ArcBest Corporation had a return on equity of 5.34% and a net margin of 0.88%. The business had revenue of $744.30 million for the quarter, compared to the consensus estimate of $750.16 million. During the same period last year, the business posted $0.48 EPS. The company’s revenue was up 4.3% on a year-over-year basis. equities analysts expect that ArcBest Corporation will post 1.29 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Tuesday, November 14th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, November 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. ArcBest Corporation’s dividend payout ratio (DPR) is presently 34.41%.
In other ArcBest Corporation news, COO James A. Ingram sold 6,918 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $27.14, for a total transaction of $187,754.52. Following the completion of the transaction, the chief operating officer now owns 43,500 shares in the company, valued at approximately $1,180,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael R. Johns sold 6,593 shares of the business’s stock in a transaction 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 transaction, the vice president now owns 35,700 shares of the company’s stock, valued at approximately $1,070,286. The disclosure for this sale can be found here. Insiders have sold a total of 14,281 shares of company stock valued at $408,513 in the last quarter. 0.97% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of ArcBest Corporation by 18,670.6% during the first quarter. BlackRock Inc. now owns 3,328,407 shares of the transportation company’s stock worth $86,539,000 after purchasing an additional 3,310,675 shares during the period. Vanguard Group Inc. grew its stake in ArcBest Corporation by 3.9% in the second quarter. Vanguard Group Inc. now owns 2,216,925 shares of the transportation company’s stock valued at $45,669,000 after purchasing an additional 83,738 shares in the last quarter. JPMorgan Chase & Co. grew its stake in ArcBest Corporation by 3.1% in the second quarter. JPMorgan Chase & Co. now owns 2,192,311 shares of the transportation company’s stock valued at $45,161,000 after purchasing an additional 65,211 shares in the last quarter. Towle & Co. grew its stake in ArcBest Corporation by 4.0% in the third quarter. Towle & Co. now owns 984,100 shares of the transportation company’s stock valued at $32,918,000 after purchasing an additional 37,976 shares in the last quarter. Finally, State Street Corp grew its stake in ArcBest Corporation by 6.0% in the first quarter. State Street Corp now owns 712,078 shares of the transportation company’s stock valued at $18,514,000 after purchasing an additional 40,128 shares in the last quarter. 85.08% 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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