StockNews.com Upgrades ArcBest (NASDAQ:ARCB) to Buy

ArcBest (NASDAQ:ARCB) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

ARCB has been the subject of several other reports. Morgan Stanley cut their price objective on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Monday, July 8th. JPMorgan Chase & Co. cut their price objective on ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a report on Friday, September 6th. TD Cowen cut their price objective on ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Stephens reiterated an “overweight” rating and set a $130.00 price objective on shares of ArcBest in a report on Wednesday, September 4th. Finally, Stifel Nicolaus cut their target price on ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, ArcBest presently has an average rating of “Hold” and a consensus target price of $133.50.

ArcBest Stock Performance

Shares of ArcBest stock opened at $100.83 on Thursday. The stock has a market cap of $2.36 billion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46. The business has a fifty day simple moving average of $107.26 and a 200-day simple moving average of $115.84. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest has a 12 month low of $86.93 and a 12 month high of $153.60.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the business earned $1.54 EPS. On average, sell-side analysts anticipate that ArcBest will post 7.21 EPS for the current fiscal year.

Insider Activity

In related news, Director Salvatore A. Abbate acquired 1,000 shares of the stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now owns 3,650 shares in the company, valued at approximately $379,344.50. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On ArcBest

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new stake in shares of ArcBest in the second quarter worth $419,000. New Wave Wealth Advisors LLC bought a new position in ArcBest in the second quarter worth $1,429,000. Quarry LP lifted its position in ArcBest by 120.7% in the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after purchasing an additional 134 shares during the period. Creative Planning lifted its position in ArcBest by 30.0% in the second quarter. Creative Planning now owns 4,584 shares of the transportation company’s stock worth $491,000 after purchasing an additional 1,057 shares during the period. Finally, Impala Asset Management LLC bought a new position in ArcBest in the second quarter worth $2,409,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Company Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.