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).