Wolfe Research Downgrades ArcBest (NASDAQ:ARCB) to Peer Perform

Wolfe Research downgraded shares of ArcBest (NASDAQ:ARCB) from an outperform rating to a peer perform rating in a research note issued to investors on Wednesday morning, Marketbeat reports.

A number of other equities analysts have also recently commented on ARCB. Morgan Stanley dropped their price target 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. Stifel Nicolaus cut their target price on ArcBest from $150.00 to $131.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. Stephens reissued an overweight rating and set a $130.00 price target on shares of ArcBest in a research note on Wednesday, September 4th. Wells Fargo & Company downgraded ArcBest from an overweight rating to an equal weight rating and cut their price objective for the company from $122.00 to $112.00 in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. decreased their target price on ArcBest from $134.00 to $133.00 and set a neutral rating for the company in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $129.33.

ArcBest Trading Up 4.3 %

Shares of NASDAQ ARCB opened at $105.95 on Wednesday. The stock has a market capitalization of $2.48 billion, a P/E ratio of 21.32, a PEG ratio of 1.28 and a beta of 1.46. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60. The business’s 50 day moving average is $105.55 and its two-hundred day moving average is $114.61. 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 released its quarterly 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%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.54 EPS. As a group, research analysts expect that ArcBest will post 7.06 EPS for the current year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors 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 of this dividend was Tuesday, August 13th. ArcBest’s dividend payout ratio (DPR) is 9.66%.

Insider Buying and Selling at ArcBest

In related news, Director Salvatore A. Abbate purchased 1,000 shares of ArcBest stock in a transaction dated Monday, August 12th. The stock was purchased at an average cost of $103.93 per share, with a total value of $103,930.00. Following the transaction, the director now owns 3,650 shares in the company, valued at approximately $379,344.50. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.65% of the company’s stock.

Institutional Trading of ArcBest

Hedge funds have recently modified their holdings of the company. Quarry LP raised its stake in shares of ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after acquiring an additional 134 shares in the last quarter. Contravisory Investment Management Inc. increased its stake in ArcBest by 70.9% during the 1st 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. Innealta Capital LLC acquired a new stake in shares of ArcBest during the second quarter worth $33,000. Quest Partners LLC purchased a new stake in shares of ArcBest during the second quarter valued at $36,000. Finally, Cultivar Capital Inc. acquired a new position in shares of ArcBest in the 2nd quarter valued at $43,000. 99.27% of the stock is owned by hedge funds and other 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.