ArcBest (NASDAQ:ARCB) Shares Gap Down After Analyst Downgrade

ArcBest Co. (NASDAQ:ARCBGet Free Report)’s share price gapped down prior to trading on Tuesday after JPMorgan Chase & Co. downgraded the stock from an overweight rating to a neutral rating. The stock had previously closed at $108.41, but opened at $104.54. JPMorgan Chase & Co. now has a $127.00 price target on the stock, down from their previous price target of $145.00. ArcBest shares last traded at $104.94, with a volume of 36,752 shares.

A number of other equities research analysts have also weighed in on the stock. Stifel Nicolaus decreased their price objective on shares of ArcBest from $159.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, May 15th. Wells Fargo & Company initiated coverage on shares of ArcBest in a research report on Friday, June 7th. They set an “overweight” rating and a $140.00 target price on the stock. TD Cowen cut their target price on shares of ArcBest from $177.00 to $148.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Bank of America cut their target price on shares of ArcBest from $143.00 to $110.00 and set an “underperform” rating on the stock in a research report on Wednesday, May 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of ArcBest from $133.00 to $149.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $143.69.

Read Our Latest Report on ArcBest

Institutional Trading of ArcBest

Several institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. lifted its stake in ArcBest by 10.5% during the 3rd quarter. American Century Companies Inc. now owns 378,206 shares of the transportation company’s stock valued at $38,445,000 after acquiring an additional 35,968 shares during the period. Allspring Global Investments Holdings LLC lifted its stake 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 valued at $23,537,000 after acquiring an additional 14,463 shares during the period. The Manufacturers Life Insurance Company lifted its stake in ArcBest by 20.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock valued at $18,629,000 after acquiring an additional 26,411 shares during the period. Principal Financial Group Inc. lifted its stake in ArcBest by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 138,764 shares of the transportation company’s stock valued at $19,774,000 after acquiring an additional 3,918 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in ArcBest by 0.6% during the 4th quarter. New York State Common Retirement Fund now owns 110,748 shares of the transportation company’s stock valued at $13,313,000 after acquiring an additional 620 shares during the period. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.23 and a current ratio of 1.23. The firm’s 50 day simple moving average is $108.85 and its 200 day simple moving average is $124.36. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 0.84 and a beta of 1.48.

ArcBest (NASDAQ:ARCBGet Free Report) last posted its earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.19). ArcBest had a net margin of 2.80% and a return on equity of 15.27%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm earned $1.58 earnings per share. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts forecast that ArcBest Co. will post 8.54 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 10th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.45%. The ex-dividend date was Thursday, May 9th. ArcBest’s payout ratio is presently 9.66%.

About ArcBest

(Get Free Report)

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.

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