ArcBest (ARCB) Downgraded to Sell at Zacks Investment Research

ArcBest (NASDAQ:ARCB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “ArcBest Corporation provides freight transportation services and solutions. The company’s Freight Transportation segment offers transportation of general commodities; motor carrier freight transportation services; business-to-business air transportation services; ocean transport services; global customizable supply chain solutions and integrated warehousing services. Its Premium Logistics & Expedited Freight Services segment provides expedited freight transportation services to commercial and government customers; premium logistics services; and domestic and international freight transportation with air, ocean, and ground service. ArcBest Corporation, formerly known as Arkansas Best Corporation, is headquartered in Fort Smith, Arkansas. “

Several other equities analysts have also recently commented on the stock. ValuEngine cut shares of ArcBest from a “hold” rating to a “sell” rating in a research report on Friday, March 15th. Cowen restated a “hold” rating and set a $42.00 price target on shares of ArcBest in a research note on Thursday, January 31st. BidaskClub lowered shares of ArcBest from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Bank of America restated an “underperform” rating and set a $34.00 price target (down previously from $45.00) on shares of ArcBest in a research note on Tuesday, March 12th. Finally, Loop Capital raised their price target on shares of ArcBest from $39.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, January 31st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $40.89.

ArcBest stock opened at $29.36 on Wednesday. ArcBest has a 52 week low of $27.72 and a 52 week high of $51.45. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.39. The company has a market cap of $739.63 million, a price-to-earnings ratio of 7.61 and a beta of 2.07.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Thursday, May 2nd. The transportation company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.13). ArcBest had a return on equity of 14.19% and a net margin of 2.00%. The firm had revenue of $711.84 million for the quarter, compared to the consensus estimate of $724.33 million. During the same period in the prior year, the business earned $0.29 EPS. ArcBest’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that ArcBest will post 3.49 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its stake in ArcBest by 0.6% in the 1st quarter. BlackRock Inc. now owns 3,749,972 shares of the transportation company’s stock valued at $115,463,000 after buying an additional 21,313 shares in the last quarter. Vanguard Group Inc. grew its stake in ArcBest by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 3,142,794 shares of the transportation company’s stock valued at $152,583,000 after buying an additional 132,068 shares in the last quarter. Royce & Associates LP grew its stake in ArcBest by 81,746.6% in the 1st quarter. Royce & Associates LP now owns 744,804 shares of the transportation company’s stock valued at $22,933,000 after buying an additional 743,894 shares in the last quarter. Bank of New York Mellon Corp grew its stake in ArcBest by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 548,121 shares of the transportation company’s stock valued at $18,778,000 after buying an additional 6,580 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in ArcBest by 5.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 400,020 shares of the transportation company’s stock valued at $12,317,000 after buying an additional 20,365 shares in the last quarter. Institutional investors own 93.35% of the company’s stock.

ArcBest Company Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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