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

TD Cowen downgraded shares of ArcBest (NASDAQ:ARCB) from a buy rating to a hold rating in a research report released on Monday, MarketBeat Ratings reports. TD Cowen currently has $114.00 price target on the transportation company’s stock, down from their previous price target of $131.00.

Several other research firms have also issued reports on ARCB. Stifel Nicolaus reduced their target price on shares of ArcBest from $150.00 to $131.00 and set a buy rating for the company in a report on Tuesday, August 6th. Citigroup began coverage on shares of ArcBest in a research note on Wednesday, October 9th. They issued a neutral rating and a $111.00 price objective for the company. StockNews.com upgraded shares of ArcBest from a hold rating to a buy rating in a research note on Thursday, October 3rd. Stephens reiterated an overweight rating and issued a $130.00 price target on shares of ArcBest in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. lowered their price objective on ArcBest from $134.00 to $133.00 and set a neutral rating on the stock in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $127.92.

ArcBest Stock Up 0.3 %

ARCB opened at $106.31 on Monday. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60. The firm’s 50 day simple moving average is $105.55 and its two-hundred day simple moving average is $114.45. 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 company has a market capitalization of $2.49 billion, a PE ratio of 21.39, a PEG ratio of 1.28 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. ArcBest’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.54 earnings per share. As a group, equities analysts forecast that ArcBest will post 7.06 EPS for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Insider Activity

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of ArcBest stock in a transaction that occurred on 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 transaction, 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Large investors have recently added to or reduced their stakes in the stock. Contravisory Investment Management Inc. boosted its holdings in shares of ArcBest by 70.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares during the period. Quarry LP boosted its stake in ArcBest by 120.7% during the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after buying an additional 134 shares during the period. Innealta Capital LLC bought a new position in ArcBest during the second quarter valued at $33,000. Quest Partners LLC purchased a new stake in shares of ArcBest in the second quarter valued at $36,000. Finally, Cultivar Capital Inc. bought a new stake in shares of ArcBest in the 2nd quarter worth about $43,000. 99.27% of the stock is owned by institutional investors.

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.