ArcBest (NASDAQ:ARCB) Downgraded to Hold at StockNews.com

StockNews.com cut shares of ArcBest (NASDAQ:ARCB) from a buy rating to a hold rating in a report published on Wednesday.

Several other equities analysts also recently weighed in on ARCB. Wells Fargo & Company downgraded shares of ArcBest from an overweight rating to an equal weight rating and reduced their target price for the stock from $122.00 to $112.00 in a research note on Wednesday, September 4th. Bank of America lowered their target price on shares of ArcBest from $102.00 to $99.00 and set an underperform rating on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. cut their price target on ArcBest from $134.00 to $133.00 and set a neutral rating for the company in a report on Friday, September 6th. Morgan Stanley decreased their price objective on ArcBest from $180.00 to $176.00 and set an overweight rating on the stock in a research note on Monday, July 8th. Finally, Stephens restated an overweight rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, ArcBest has a consensus rating of Hold and a consensus target price of $133.18.

ArcBest Price Performance

ArcBest stock opened at $111.47 on Wednesday. The business’s 50 day simple moving average is $109.30 and its 200 day simple moving average is $117.03. ArcBest has a 12 month low of $86.93 and a 12 month high of $153.60. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 22.43, a PEG ratio of 1.37 and a beta of 1.46. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the company earned $1.54 EPS. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. Sell-side analysts forecast that ArcBest will post 7.21 EPS for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 annualized dividend and a yield of 0.43%. ArcBest’s payout ratio is presently 9.66%.

Insider Transactions at ArcBest

In related news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Hedge funds and other institutional investors have recently modified their holdings of the stock. UniSuper Management Pty Ltd purchased a new position in shares of ArcBest in the first quarter valued at about $666,000. Norges Bank bought a new position in shares of ArcBest during the fourth quarter valued at approximately $9,298,000. The Manufacturers Life Insurance Company boosted its holdings in ArcBest by 20.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock valued at $18,629,000 after acquiring an additional 26,411 shares in the last quarter. Inspire Investing LLC raised its holdings in ArcBest by 39.6% in the 1st quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after purchasing an additional 4,258 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of ArcBest by 9.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.