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

Zacks Research cut shares of ArcBest (NASDAQ:ARCB) from a strong-buy rating to a hold rating in a research report released on Wednesday morning,Zacks.com reports.

A number of other research analysts have also recently commented on the company. Wall Street Zen upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Bank of America increased their target price on ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. Wells Fargo & Company raised their target price on ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. JPMorgan Chase & Co. boosted their price target on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Finally, Stifel Nicolaus boosted their price target on ArcBest from $134.00 to $176.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.23.

ArcBest Stock Performance

NASDAQ:ARCB opened at $135.25 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 196.01, a PEG ratio of 0.46 and a beta of 1.57. The firm’s fifty day simple moving average is $149.66 and its 200 day simple moving average is $121.22. ArcBest has a twelve month low of $59.43 and a twelve month high of $176.69.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the company earned $1.36 EPS. The firm’s revenue was up 15.9% on a year-over-year basis. As a group, equities research analysts expect that ArcBest will post 6.9 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be issued a $0.12 dividend. The ex-dividend date is Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. ArcBest’s payout ratio is currently 69.57%.

Insider Transactions at ArcBest

In other ArcBest news, Director Judy R. Mcreynolds sold 1,500 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $144.78, for a total value of $217,170.00. Following the completion of the transaction, the director directly owned 61,348 shares of the company’s stock, valued at $8,881,963.44. This represents a 2.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total value of $862,820.00. Following the sale, the insider owned 24,286 shares of the company’s stock, valued at $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.98% of the company’s stock.

Institutional Investors Weigh In On ArcBest

A number of hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC raised its position in shares of ArcBest by 300.3% in the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock valued at $1,898,000 after purchasing an additional 20,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of ArcBest by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock worth $989,000 after buying an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after buying an additional 104,643 shares in the last quarter. Jane Street Group LLC increased its stake in shares of ArcBest by 278.2% in the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after buying an additional 33,537 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in ArcBest by 3.4% in the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock valued at $1,421,000 after acquiring an additional 655 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.