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

Wolfe Research cut shares of ArcBest (NASDAQ:ARCB) from an outperform rating to a peer perform rating in a research report report published on Wednesday morning, MarketBeat.com reports.

Several other equities research analysts have also issued reports on ARCB. Wells Fargo & Company lowered ArcBest from an overweight rating to an equal weight rating and dropped their price target for the stock from $122.00 to $112.00 in a research note on Wednesday, September 4th. Stephens reaffirmed an overweight rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. Stifel Nicolaus decreased their price target on shares of ArcBest from $150.00 to $131.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. Morgan Stanley cut their price objective on shares of ArcBest from $180.00 to $176.00 and set an overweight rating for the company in a research note on Monday, July 8th. Finally, StockNews.com raised shares of ArcBest from a hold rating to a buy rating in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $129.27.

ArcBest Stock Performance

Shares of ARCB opened at $101.79 on Wednesday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. The stock has a 50-day moving average price of $105.94 and a 200-day moving average price of $115.06. The company has a market cap of $2.39 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46. ArcBest has a 12-month low of $86.93 and a 12-month high of $153.60.

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

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.47%. ArcBest’s payout ratio is presently 9.66%.

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the transaction, the director now owns 3,650 shares in the company, valued at $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ArcBest

A number of large investors have recently modified their holdings of ARCB. Neuberger Berman Group LLC purchased a new stake in ArcBest in the fourth quarter worth about $263,000. Orchard Capital Management LLC lifted its stake in shares of ArcBest by 5.5% in the 4th quarter. Orchard Capital Management LLC now owns 101,820 shares of the transportation company’s stock valued at $12,240,000 after purchasing an additional 5,322 shares during the period. Contravisory Investment Management Inc. boosted its position in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares in the last quarter. Oliver Luxxe Assets LLC boosted its position in shares of ArcBest by 1.6% during the first quarter. Oliver Luxxe Assets LLC now owns 8,216 shares of the transportation company’s stock valued at $1,171,000 after purchasing an additional 129 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in ArcBest by 9.6% in the first 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 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.