ArcBest (NASDAQ:ARCB) Downgraded to Peer Perform at Wolfe Research

ArcBest (NASDAQ:ARCB) was downgraded by Wolfe Research from an “outperform” rating to a “peer perform” rating in a research report issued on Wednesday, Marketbeat reports.

Other analysts have also issued research reports about the stock. Wells Fargo & Company lowered shares of ArcBest from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $122.00 to $112.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. dropped their price objective on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Stifel Nicolaus cut their target price on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Bank of America lowered their target price on ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Finally, Morgan Stanley cut their price target on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Monday, July 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $131.45.

ArcBest Stock Performance

Shares of ArcBest stock opened at $102.68 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19. ArcBest has a 1 year low of $86.93 and a 1 year high of $153.60. The firm’s 50-day simple moving average is $106.43 and its 200-day simple moving average is $115.15. The firm has a market cap of $2.41 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts forecast that ArcBest will post 7.21 earnings per share for the current fiscal year.

Insider Buying and Selling at ArcBest

In other news, Director Salvatore A. Abbate bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $103.93 per share, with a total value of $103,930.00. Following the completion of the acquisition, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. UniSuper Management Pty Ltd bought a new position in shares of ArcBest during the 1st quarter valued at about $666,000. Inspire Investing LLC grew its holdings in shares of ArcBest by 39.6% in the 1st quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after acquiring an additional 4,258 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in ArcBest by 9.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after purchasing an additional 14,463 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of ArcBest by 54.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock worth $2,945,000 after buying an additional 7,291 shares during the period. Finally, Kennedy Capital Management LLC boosted its stake in ArcBest by 235.3% in the 1st quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock worth $4,771,000 after purchasing an additional 23,497 shares during the period. Institutional investors 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.