ArcBest (NASDAQ:ARCB – Get Free Report) was downgraded by research analysts at TD Cowen from a “buy” rating to a “hold” rating in a report issued on Monday, FinViz reports. They presently have a $114.00 price objective on the transportation company’s stock, down from their previous price objective of $131.00. TD Cowen’s target price indicates a potential upside of 7.60% from the company’s current price.
A number of other research analysts also recently weighed in on ARCB. Stifel Nicolaus lowered their price objective on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. Stephens restated an “overweight” rating and set a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. The Goldman Sachs Group dropped their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, Bank of America dropped their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ArcBest presently has a consensus rating of “Hold” and an average target price of $127.92.
Read Our Latest Stock Analysis on ARCB
ArcBest Trading Up 4.3 %
ArcBest (NASDAQ:ARCB – Get Free Report) last released its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the company earned $1.54 earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. Sell-side analysts anticipate that ArcBest will post 7.06 EPS for the current year.
Insider Transactions at ArcBest
In other news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was purchased at an average cost of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.65% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Quarry LP increased its position in ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares during the period. Contravisory Investment Management Inc. lifted its position in ArcBest by 70.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 78 shares in the last quarter. Innealta Capital LLC purchased a new stake in ArcBest in the 2nd quarter valued at $33,000. Quest Partners LLC purchased a new stake in ArcBest in the 2nd quarter valued at about $36,000. Finally, Cultivar Capital Inc. purchased a new position in shares of ArcBest in the 2nd quarter worth about $43,000. 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.
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