ArcBest (NASDAQ:ARCB) Downgraded by TD Cowen

TD Cowen lowered shares of ArcBest (NASDAQ:ARCB) from a buy rating to a hold rating in a research report report published on Monday, MarketBeat reports. They currently have $114.00 price target on the transportation company’s stock, down from their prior price target of $131.00.

ARCB has been the subject of several other research reports. Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Bank of America dropped their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Citigroup started coverage on ArcBest in a report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 target price for the company. Morgan Stanley dropped their price target on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Monday, July 8th. Finally, Wells Fargo & Company downgraded ArcBest from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $122.00 to $112.00 in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, ArcBest has a consensus rating of “Hold” and a consensus target price of $127.92.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $106.31 on Monday. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 1.28 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19. ArcBest has a fifty-two week low of $86.93 and a fifty-two week high of $153.60. The firm’s 50-day simple moving average is $105.58 and its 200 day simple moving average is $113.87.

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

ArcBest Dividend Announcement

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

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Salvatore A. Abbate bought 1,000 shares of ArcBest stock in a transaction dated Monday, August 12th. The stock was purchased at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now directly 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

A number of large investors have recently made changes to their positions in ARCB. ZWJ Investment Counsel Inc. purchased a new stake in ArcBest during the 3rd quarter worth about $211,000. Creative Planning lifted its holdings in shares of ArcBest by 7.6% in the third quarter. Creative Planning now owns 4,933 shares of the transportation company’s stock worth $535,000 after buying an additional 349 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of ArcBest by 24.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,100 shares of the transportation company’s stock valued at $877,000 after acquiring an additional 1,600 shares during the period. GAMMA Investing LLC grew its stake in ArcBest by 63.7% during the third quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after acquiring an additional 200 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in ArcBest by 50.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 7,500 shares of the transportation company’s stock worth $813,000 after acquiring an additional 2,500 shares during the period. 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.