ArcBest (NASDAQ:ARCB) Downgraded by Zacks Investment Research to Hold

ArcBest (NASDAQ:ARCB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks.com reports.

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. “

Several other research firms have also weighed in on ARCB. Vertical Research assumed coverage on shares of ArcBest in a research note on Thursday, April 1st. They set a “hold” rating and a $72.00 price objective on the stock. Morgan Stanley upped their target price on shares of ArcBest from $70.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 31st. The Goldman Sachs Group upped their target price on shares of ArcBest from $55.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, March 10th. Smith Barney Citigroup upped their target price on shares of ArcBest from $47.00 to $60.00 in a research report on Thursday, January 14th. Finally, Stephens upped their target price on shares of ArcBest from $60.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 7th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $59.67.

ARCB traded up $1.44 on Monday, hitting $74.70. 4,985 shares of the company’s stock were exchanged, compared to its average volume of 239,343. The firm has a market cap of $1.90 billion, a PE ratio of 47.54, a P/E/G ratio of 1.26 and a beta of 1.80. ArcBest has a twelve month low of $17.20 and a twelve month high of $74.99. The stock has a fifty day moving average of $67.18 and a two-hundred day moving average of $47.66. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.28.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Monday, February 1st. The transportation company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.05. The firm had revenue of $816.70 million for the quarter, compared to analyst estimates of $802.11 million. ArcBest had a net margin of 1.47% and a return on equity of 9.58%. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, analysts predict that ArcBest will post 3.16 EPS for the current year.

In other news, VP Michael R. Johns sold 1,629 shares of the stock in a transaction that occurred on Tuesday, February 9th. The shares were sold at an average price of $52.68, for a total value of $85,815.72. Also, Director Kathleen D. Mcelligott sold 5,000 shares of the stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $71.57, for a total transaction of $357,850.00. Following the completion of the transaction, the director now owns 19,600 shares of the company’s stock, valued at $1,402,772. The disclosure for this sale can be found here. Company insiders own 1.88% of the company’s stock.

Several institutional investors have recently bought and sold shares of ARCB. SummerHaven Investment Management LLC bought a new position in shares of ArcBest in the fourth quarter valued at approximately $632,000. BlackRock Inc. boosted its holdings in ArcBest by 5.3% during the fourth quarter. BlackRock Inc. now owns 3,971,349 shares of the transportation company’s stock worth $169,457,000 after buying an additional 200,724 shares in the last quarter. Matarin Capital Management LLC bought a new stake in ArcBest during the third quarter worth approximately $5,027,000. Morgan Stanley boosted its holdings in ArcBest by 159.3% during the fourth quarter. Morgan Stanley now owns 185,504 shares of the transportation company’s stock worth $7,915,000 after buying an additional 113,970 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in ArcBest by 42.2% during the fourth quarter. Wells Fargo & Company MN now owns 378,362 shares of the transportation company’s stock worth $16,144,000 after buying an additional 112,288 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

About ArcBest

ArcBest Corporation provides freight transportation and integrated logistics services. 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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