ArcBest (NASDAQ:ARCB) Stock Rating Raised to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded ArcBest from “buy” to “strong buy.” However, analyst opinion remains mixed overall, with MarketBeat reporting a consensus “moderate buy” rating and an average price target of $153.15.
• ArcBest reported quarterly earnings of $2.38 per share, exceeding the $2.26 consensus estimate, while revenue reached $1.18 billion, up 15.9% year over year.
• ARCB opened at $125.44, with a market capitalization of approximately $2.80 billion; institutional investors own 99.27% of the company, while insiders have sold 12,818 shares worth about $1.79 million over the past 90 days.

ArcBest (NASDAQ:ARCB - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued on Saturday, Wall Street Zen reports.

ARCB has been the topic of several other reports. Citigroup reiterated a "cautious" rating on shares of ArcBest in a report on Wednesday, October 7th. Truist Financial decreased their target price on ArcBest from $165.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, October 7th. The Goldman Sachs Group restated a "buy" rating and issued a $172.00 target price on shares of ArcBest in a research report on Wednesday, July 29th. TD Cowen lowered their price target on ArcBest from $175.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday, July 30th. Finally, Citizens Jmp assumed coverage on ArcBest in a research report on Wednesday, July 15th. They set a "market outperform" rating and a $180.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, ArcBest has a consensus rating of "Moderate Buy" and an average price target of $153.15.

ArcBest Stock Performance

ARCB opened at $125.44 on Friday. ArcBest has a 12-month low of $59.43 and a 12-month high of $176.69. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $2.80 billion, a PE ratio of 27.97, a P/E/G ratio of 0.38 and a beta of 1.70. The firm has a 50 day moving average of $131.63 and a two-hundred day moving average of $124.25.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its earnings results on Wednesday, July 29th. The transportation company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.26 by $0.12. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%. ArcBest's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the company earned $1.36 earnings per share. On average, analysts anticipate that ArcBest will post 7.06 EPS for the current year.

Insider Transactions at ArcBest

In related news, insider Erin K. Gattis sold 6,163 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total value of $862,820.00. Following the sale, the insider directly owned 24,286 shares in the company, valued at approximately $3,400,040. The trade was a 20.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Judy R. Mcreynolds sold 2,857 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the completion of the transaction, the director directly owned 50,048 shares in the company, valued at $6,955,671.04. The trade was a 5.40% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 12,818 shares of company stock worth $1,793,568. 0.98% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ArcBest

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in ArcBest during the 2nd quarter worth approximately $503,476,000. Hsbc Holdings PLC purchased a new stake in shares of ArcBest during the 2nd quarter worth $743,000. WINTON GROUP Ltd purchased a new stake in shares of ArcBest during the 2nd quarter worth $1,679,000. Quantinno Capital Management LP grew its stake in shares of ArcBest by 101.9% during the first quarter. Quantinno Capital Management LP now owns 20,827 shares of the transportation company's stock worth $2,049,000 after purchasing an additional 10,511 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of ArcBest during the second quarter worth $7,616,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

About ArcBest

ArcBest Corporation NASDAQ: ARCB is a multibillion-dollar logistics company headquartered in Fort Smith, Arkansas. The company provides freight transportation and supply chain solutions through a combination of asset-based and asset-light operations, serving businesses across North America and supporting select international shipping needs.

Its asset-based business is led by ABF Freight, a less-than-truckload carrier that transports palletized and industrial freight. ArcBest also offers expedited transportation, truckload and brokerage services, intermodal transportation, managed transportation, warehouse and distribution support, and supply chain consulting.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.