ArcBest (NASDAQ:ARCB) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded ArcBest to “Hold” from “Strong Buy,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $154.23.
• ArcBest shares opened at $135.25, down 4.5%, while the company’s latest quarterly results exceeded expectations: earnings were $2.38 per share versus a $2.26 consensus estimate, and revenue rose 15.9% year over year to $1.18 billion.
• Insiders recently sold shares, including transactions by Director Judy R. McReynolds and insider Erin K. Gattis, while institutional investors own 99.27% of ArcBest’s outstanding stock.

ArcBest (NASDAQ:ARCB - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

ARCB has been the topic of a number of other reports. TD Cowen lowered their price objective on shares of ArcBest from $175.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday, July 30th. Citizens Jmp initiated coverage on shares of ArcBest in a report on Wednesday, July 15th. They issued a "market outperform" rating and a $180.00 price target on the stock. Truist Financial upped their price target on shares of ArcBest from $145.00 to $165.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Bank of America increased their price target on shares of ArcBest from $138.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, June 5th. Finally, Morgan Stanley raised their price objective on shares of ArcBest from $150.00 to $180.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $154.23.

ArcBest Stock Down 4.5%

ArcBest stock opened at $135.25 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 196.01, a price-to-earnings-growth ratio of 0.46 and a beta of 1.57. ArcBest has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The stock's fifty day moving average is $149.66 and its two-hundred day moving average is $121.22.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.26 by $0.12. The business had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the business posted $1.36 earnings per share. Analysts predict that ArcBest will post 6.9 EPS for the current fiscal year.

Insider Activity

In other news, Director Judy R. Mcreynolds sold 1,500 shares of ArcBest stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $144.78, for a total transaction of $217,170.00. Following the completion of the sale, the director directly owned 61,348 shares in the company, valued at $8,881,963.44. The trade was a 2.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total transaction of $862,820.00. Following the completion of the transaction, the insider directly owned 24,286 shares of the company's stock, valued at approximately $3,400,040. This represents a 20.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.98% of the company's stock.

Institutional Trading of ArcBest

A number of hedge funds have recently bought and sold shares of ARCB. Bank of New York Mellon Corp acquired a new position in ArcBest in the 2nd quarter valued at $27,281,000. State of Wyoming acquired a new stake in shares of ArcBest during the second quarter worth $278,000. Glenmede Trust Co. NA boosted its holdings in shares of ArcBest by 1.5% during the first quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company's stock worth $606,000 after purchasing an additional 93 shares during the last quarter. Amundi grew its position in shares of ArcBest by 54.6% in the first quarter. Amundi now owns 7,478 shares of the transportation company's stock valued at $736,000 after purchasing an additional 2,640 shares during the period. Finally, California State Teachers Retirement System grew its position in shares of ArcBest by 24.7% in the first quarter. California State Teachers Retirement System now owns 26,926 shares of the transportation company's stock valued at $2,648,000 after purchasing an additional 5,325 shares during the period. Institutional investors and hedge funds own 99.27% of the company's stock.

About ArcBest

ArcBest Corporation NASDAQ: ARCB is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company's asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.

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