ArcBest Corp (NASDAQ:ARCB) had its price objective boosted by equities researchers at Bank of America Corporation from $34.00 to $35.00 in a report issued on Monday. The brokerage presently has a “neutral” rating on the transportation company’s stock. Bank of America Corporation’s price target would suggest a potential upside of 3.09% from the company’s current price.
A number of other equities analysts have also commented on the company. ValuEngine raised ArcBest Corp from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research raised ArcBest Corp from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Tuesday, October 10th. Cowen and Company lowered ArcBest Corp from an “outperform” rating to a “market perform” rating in a research note on Monday, October 16th. Stifel Nicolaus reissued a “hold” rating and set a $28.00 price target on shares of ArcBest Corp in a research note on Thursday, September 21st. Finally, Buckingham Research initiated coverage on ArcBest Corp in a research note on Monday, August 21st. They set a “neutral” rating and a $29.00 price target for the company. One equities research analyst has rated the stock with a sell rating and nine have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $30.86.
Shares of ArcBest Corp (ARCB) traded up $0.95 during trading on Monday, reaching $33.95. The company had a trading volume of 135,160 shares, compared to its average volume of 220,044. ArcBest Corp has a 52 week low of $16.95 and a 52 week high of $34.25. The company has a market capitalization of $848.31, a price-to-earnings ratio of 26.83 and a beta of 1.78. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.24 and a current ratio of 1.26.
ArcBest Corp (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, November 3rd. The transportation company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. ArcBest Corp had a return on equity of 10.56% and a net margin of 2.19%. The company had revenue of $744.30 million during the quarter, compared to analyst estimates of $750.16 million. During the same period in the prior year, the company earned $0.48 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. sell-side analysts predict that ArcBest Corp will post 1.31 earnings per share for the current year.
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In other ArcBest Corp news, VP Michael R. Johns sold 6,593 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $29.98, for a total transaction of $197,658.14. Following the sale, the vice president now directly owns 35,700 shares in the company, valued at $1,070,286. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO James A. Ingram sold 6,918 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $27.14, for a total value of $187,754.52. Following the sale, the chief operating officer now owns 43,500 shares in the company, valued at $1,180,590. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,281 shares of company stock worth $408,513. Company insiders own 0.97% of the company’s stock.
A number of hedge funds have recently modified their holdings of ARCB. Pacad Investment Ltd. raised its holdings in shares of ArcBest Corp by 34.1% in the second quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock worth $122,000 after buying an additional 1,500 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of ArcBest Corp by 61.6% in the second quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock worth $160,000 after buying an additional 2,957 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of ArcBest Corp by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock worth $202,000 after buying an additional 100 shares during the period. Marshall Wace North America L.P. purchased a new stake in shares of ArcBest Corp in the second quarter worth approximately $236,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of ArcBest Corp in the third quarter worth approximately $414,000. Institutional investors and hedge funds own 85.08% of the company’s stock.
About ArcBest Corp
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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