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

Wolfe Research cut shares of ArcBest (NASDAQ:ARCB) from an outperform rating to a peer perform rating in a research note released on Wednesday morning, MarketBeat.com reports.

Several other research firms also recently weighed in on ARCB. JPMorgan Chase & Co. decreased their price target on shares of ArcBest from $134.00 to $133.00 and set a neutral rating for the company in a research note on Friday, September 6th. Stifel Nicolaus dropped their price target on ArcBest from $150.00 to $131.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. Morgan Stanley reduced their price objective on ArcBest from $180.00 to $176.00 and set an overweight rating for the company in a research note on Monday, July 8th. TD Cowen decreased their price objective on ArcBest from $136.00 to $131.00 and set a buy rating for the company in a report on Thursday, September 5th. Finally, StockNews.com raised shares of ArcBest from a hold rating to a buy rating in a research report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $129.33.

ArcBest Stock Performance

ARCB stock opened at $105.95 on Wednesday. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60. 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 stock has a 50-day moving average price of $105.55 and a 200-day moving average price of $114.76. The firm has a market cap of $2.51 billion, a PE ratio of 20.03, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46.

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

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a $0.12 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.45%. ArcBest’s payout ratio is presently 9.07%.

Insider Activity

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ArcBest

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