ArcBest (NASDAQ:ARCB) Stock Rating Lowered by Wolfe Research

ArcBest (NASDAQ:ARCB) was downgraded by research analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research note issued to investors on Wednesday, MarketBeat.com reports.

ARCB has been the topic of a number of other research reports. Morgan Stanley decreased their price objective on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Monday, July 8th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. Stifel Nicolaus dropped their price objective on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Stephens reiterated an “overweight” rating and issued a $130.00 price objective on shares of ArcBest in a research report on Wednesday, September 4th. Finally, TD Cowen dropped their target price on ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, ArcBest presently has an average rating of “Hold” and an average target price of $129.33.

ArcBest Stock Down 0.2 %

Shares of ARCB opened at $101.55 on Wednesday. The business’s 50 day simple moving average is $105.54 and its 200-day simple moving average is $114.96. ArcBest has a one year low of $86.93 and a one year high of $153.60. The company has a market capitalization of $2.38 billion, a P/E ratio of 20.43, a PEG ratio of 1.37 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS 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 analyst estimates of $1.06 billion. During the same period in the prior year, the firm posted $1.54 EPS. ArcBest’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side analysts predict that ArcBest will post 7.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Salvatore A. Abbate bought 1,000 shares of the stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $103.93 per share, with a total value of $103,930.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.65% of the stock is owned by insiders.

Hedge Funds Weigh In On ArcBest

Several institutional investors and hedge funds have recently made changes to their positions in the company. Westwood Holdings Group Inc. grew its stake in ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after acquiring an additional 150,467 shares during the period. American Century Companies Inc. grew its position in shares of ArcBest by 4.0% in the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock valued at $56,267,000 after purchasing an additional 20,115 shares during the period. Marshall Wace LLP increased its stake in ArcBest by 158.7% during the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after purchasing an additional 117,774 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in ArcBest by 9.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after buying an additional 14,463 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in ArcBest by 0.8% in the second quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company’s stock valued at $16,141,000 after buying an additional 1,214 shares in the last quarter. Institutional investors and hedge funds 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.