Zacks Investment Research cut shares of ArcBest (NASDAQ:ARCB) from a strong-buy rating to a hold rating in a research report report published on Wednesday, March 14th.
According to Zacks, “ArcBest Corporation provides freight transportation services and solutions. The company’s Freight Transportation segment offers transportation of general commodities; motor carrier freight transportation services; business-to-business air transportation services; ocean transport services; global customizable supply chain solutions and integrated warehousing services. Its Premium Logistics & Expedited Freight Services segment provides expedited freight transportation services to commercial and government customers; premium logistics services; and domestic and international freight transportation with air, ocean, and ground service. ArcBest Corporation, formerly known as Arkansas Best Corporation, is headquartered in Fort Smith, Arkansas. “
A number of other research firms also recently commented on ARCB. Stifel Nicolaus downgraded ArcBest from a hold rating to a sell rating and lifted their price target for the stock from $27.00 to $32.00 in a research note on Wednesday, December 13th. BidaskClub raised ArcBest from a hold rating to a buy rating in a report on Saturday, December 2nd. Seaport Global Securities reaffirmed a neutral rating on shares of ArcBest in a report on Tuesday, January 16th. Cowen reiterated a market perform rating and set a $39.00 price objective (up from $33.00) on shares of ArcBest in a research report on Thursday, February 1st. Finally, ValuEngine upgraded shares of ArcBest from a hold rating to a buy rating in a research report on Saturday, March 10th. Nine analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. ArcBest currently has a consensus rating of Hold and an average price target of $34.50.
Shares of ARCB stock traded down $1.80 during mid-day trading on Wednesday, hitting $31.95. 241,501 shares of the company’s stock were exchanged, compared to its average volume of 321,553. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.32. ArcBest has a fifty-two week low of $16.95 and a fifty-two week high of $39.70. The stock has a market capitalization of $848.73, a price-to-earnings ratio of 24.02 and a beta of 1.76.
ArcBest (NASDAQ:ARCB) last announced its earnings results on Wednesday, January 31st. The transportation company reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.07. The business had revenue of $710.72 million for the quarter, compared to analyst estimates of $723.69 million. ArcBest had a return on equity of 5.82% and a net margin of 2.11%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 earnings per share. analysts anticipate that ArcBest will post 2.28 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Elkfork Partners LLC acquired a new stake in ArcBest in the fourth quarter worth $113,000. Sterling Capital Management LLC acquired a new stake in ArcBest in the fourth quarter worth $905,000. MetLife Investment Advisors LLC acquired a new stake in shares of ArcBest during the fourth quarter worth $458,000. PEAK6 Investments L.P. acquired a new stake in shares of ArcBest during the fourth quarter worth $231,000. Finally, Millennium Management LLC raised its holdings in shares of ArcBest by 52.0% during the fourth quarter. Millennium Management LLC now owns 145,821 shares of the transportation company’s stock worth $5,213,000 after acquiring an additional 49,894 shares during the period. Institutional investors and hedge funds own 88.61% of the company’s stock.
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ArcBest Company Profile
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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