ArcBest (NASDAQ:ARCB) Rating Lowered to Hold at TD Cowen

ArcBest (NASDAQ:ARCB) was downgraded by stock analysts at TD Cowen from a “buy” rating to a “hold” rating in a report issued on Monday, MarketBeat reports. They currently have a $114.00 target price on the transportation company’s stock, down from their prior target price of $131.00. TD Cowen’s target price indicates a potential upside of 8.76% from the stock’s previous close.

A number of other analysts also recently commented on the company. Bank of America reduced their price objective on ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. Jefferies Financial Group reduced their target price on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. JPMorgan Chase & Co. lowered their price target on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. Finally, The Goldman Sachs Group lowered their target price on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, ArcBest presently has a consensus rating of “Hold” and an average target price of $127.92.

ArcBest Stock Down 1.4 %

ARCB opened at $104.82 on Monday. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60. The business has a 50 day moving average of $105.58 and a 200-day moving average of $114.19. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 21.39, a P/E/G ratio of 1.28 and a beta of 1.46. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results 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). The company 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 revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.54 earnings per share. As a group, sell-side analysts anticipate that ArcBest will post 7.06 earnings per share for the current year.

Insiders Place Their Bets

In other ArcBest news, Director Salvatore A. Abbate bought 1,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares of the company’s stock, 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 SEC, which is available through this hyperlink. Insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Institutional investors and hedge funds have recently made changes to their positions in the company. UniSuper Management Pty Ltd bought a new stake in shares of ArcBest during the 1st quarter valued at $666,000. Inspire Investing LLC lifted its stake in ArcBest by 39.6% in the first quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock valued at $2,138,000 after buying an additional 4,258 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after buying an additional 14,463 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of ArcBest by 54.5% during the 1st 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 increased its stake in shares of ArcBest by 235.3% in the 1st quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock valued at $4,771,000 after acquiring an additional 23,497 shares during the last quarter. Institutional investors own 99.27% of the company’s stock.

About ArcBest

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.