ArcBest (NASDAQ:ARCB) Upgraded to “Sell” at BidaskClub

BidaskClub upgraded shares of ArcBest (NASDAQ:ARCB) from a strong sell rating to a sell rating in a report issued on Thursday, BidAskClub reports.

ARCB has been the subject of several other reports. Buckingham Research decreased their price target on shares of ArcBest from $46.00 to $37.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Citigroup lowered their price target on shares of ArcBest from $45.00 to $36.00 and set a neutral rating on the stock in a research report on Thursday, April 11th. Bank of America reaffirmed an underperform rating and set a $34.00 target price (down previously from $45.00) on shares of ArcBest in a report on Tuesday, March 12th. ValuEngine cut shares of ArcBest from a hold rating to a sell rating in a research note on Friday, March 15th. Finally, Seaport Global Securities reissued a neutral rating on shares of ArcBest in a research report on Friday, April 5th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $40.89.

Shares of ArcBest stock traded down $0.49 during trading hours on Thursday, reaching $26.89. 9,985 shares of the company’s stock were exchanged, compared to its average volume of 271,509. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market cap of $681.46 million, a price-to-earnings ratio of 6.97 and a beta of 2.10. ArcBest has a fifty-two week low of $24.68 and a fifty-two week high of $51.45.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Thursday, May 2nd. The transportation company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.13). ArcBest had a return on equity of 14.19% and a net margin of 2.00%. The business had revenue of $711.84 million for the quarter, compared to the consensus estimate of $724.33 million. During the same period in the prior year, the business posted $0.29 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that ArcBest will post 3.37 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 28th. Stockholders of record on Tuesday, May 14th were given a $0.08 dividend. The ex-dividend date was Monday, May 13th. This represents a $0.32 annualized dividend and a dividend yield of 1.19%. ArcBest’s dividend payout ratio is currently 8.29%.

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in ArcBest by 27.0% in the first quarter. Goldman Sachs Group Inc. now owns 219,661 shares of the transportation company’s stock valued at $6,763,000 after purchasing an additional 46,705 shares in the last quarter. Ellington Management Group LLC acquired a new position in shares of ArcBest during the first quarter valued at about $339,000. Wellington Management Group LLP grew its holdings in shares of ArcBest by 1.7% during the first quarter. Wellington Management Group LLP now owns 32,087 shares of the transportation company’s stock valued at $988,000 after buying an additional 540 shares during the last quarter. Pinebridge Investments L.P. grew its holdings in shares of ArcBest by 1.9% during the first quarter. Pinebridge Investments L.P. now owns 33,758 shares of the transportation company’s stock valued at $1,040,000 after buying an additional 625 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of ArcBest by 10.4% during the first quarter. Geode Capital Management LLC now owns 337,758 shares of the transportation company’s stock valued at $10,398,000 after buying an additional 31,752 shares during the last quarter. Institutional investors and hedge funds own 99.08% of the company’s stock.

About ArcBest

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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