The ArcBest Corp. (ARCB) Upgraded to Buy by The Zacks Investment Research

The ArcBest Corp. (ARCB) Upgraded to Buy by The Zacks Investment Research

Zacks Investment Research upgraded shares of ArcBest Corp. (NASDAQ:ARCB) from a hold rating to a buy rating in a research note published on Tuesday. The firm currently has $33.00 target price on the stock.

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. “

Other analysts have also issued reports about the company. TheStreet upgraded ArcBest Corp. from a hold rating to a buy rating in a report on Monday, November 28th. Buckingham Research initiated coverage on shares of ArcBest Corp. in a research report on Friday, September 23rd. They set a buy rating and a $24.00 target price on the stock. Deutsche Bank AG initiated coverage on shares of ArcBest Corp. in a research report on Wednesday, November 2nd. They set a hold rating and a $21.00 target price on the stock. Seaport Global Securities reissued a neutral rating on shares of ArcBest Corp. in a research report on Friday, December 16th. Finally, Citigroup Inc. increased their target price on shares of ArcBest Corp. from $17.00 to $20.00 and gave the stock a neutral rating in a research report on Thursday, September 8th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. ArcBest Corp. presently has an average rating of Hold and a consensus target price of $22.88.

Shares of ArcBest Corp. (NASDAQ:ARCB) opened at 28.50 on Tuesday. ArcBest Corp. has a 52 week low of $14.85 and a 52 week high of $33.95. The firm’s 50-day moving average price is $29.11 and its 200 day moving average price is $20.92. The firm has a market cap of $730.23 million, a PE ratio of 34.25 and a beta of 1.63.

ArcBest Corp. (NASDAQ:ARCB) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.01. ArcBest Corp. had a return on equity of 3.81% and a net margin of 0.83%. The business earned $713.90 million during the quarter, compared to analyst estimates of $422.62 million. During the same period last year, the company earned $0.76 earnings per share. ArcBest Corp.’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts anticipate that ArcBest Corp. will post $0.90 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 29th. Stockholders of record on Tuesday, November 15th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.12%. The ex-dividend date was Thursday, November 10th. ArcBest Corp.’s dividend payout ratio is currently 38.55%.

In related news, VP Daniel E. Loe sold 5,394 shares of ArcBest Corp. stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $31.13, for a total transaction of $167,915.22. Following the sale, the vice president now directly owns 37,264 shares of the company’s stock, valued at $1,160,028.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John W. Alden sold 11,400 shares of ArcBest Corp. stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $31.27, for a total value of $356,478.00. Following the sale, the director now directly owns 10,200 shares in the company, valued at $318,954. The disclosure for this sale can be found here. 6.01% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in ARCB. BNP Paribas Arbitrage SA increased its stake in ArcBest Corp. by 99.0% in the second quarter. BNP Paribas Arbitrage SA now owns 7,990 shares of the company’s stock worth $130,000 after buying an additional 3,974 shares during the period. Eagle Boston Investment Management Inc. increased its stake in ArcBest Corp. by 2.9% in the second quarter. Eagle Boston Investment Management Inc. now owns 258,152 shares of the company’s stock worth $4,194,000 after buying an additional 7,352 shares during the period. Adams Asset Advisors LLC increased its stake in ArcBest Corp. by 112.2% in the second quarter. Adams Asset Advisors LLC now owns 51,369 shares of the company’s stock worth $834,000 after buying an additional 27,165 shares during the period. Bank of Montreal Can purchased a new stake in ArcBest Corp. during the second quarter worth $3,696,000. Finally, Wedge Capital Management L L P NC increased its stake in ArcBest Corp. by 9.6% in the second quarter. Wedge Capital Management L L P NC now owns 36,741 shares of the company’s stock worth $597,000 after buying an additional 3,231 shares during the period. 84.71% of the stock is currently owned by institutional investors and hedge funds.

About ArcBest Corp.

ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).

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