ArcBest (NASDAQ:ARCB) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of ArcBest (NASDAQ:ARCB) from a hold rating to a sell rating in a research note issued to investors on Tuesday, 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 brokerages also recently commented on ARCB. TheStreet downgraded shares of ArcBest from a b- rating to a c+ rating in a research note on Tuesday, May 28th. Citigroup decreased their target price on shares of ArcBest from $34.00 to $28.00 and set a neutral rating on the stock in a research note on Thursday, July 11th. Cowen raised shares of ArcBest from a market perform rating to an outperform rating and set a $40.00 target price on the stock in a research note on Wednesday, May 22nd. BidaskClub raised shares of ArcBest from a hold rating to a buy rating in a research note on Friday, August 2nd. Finally, ValuEngine raised shares of ArcBest from a strong sell rating to a sell rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. ArcBest presently has an average rating of Hold and an average target price of $36.63.

Shares of NASDAQ ARCB opened at $28.54 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 1.40 and a debt-to-equity ratio of 0.39. ArcBest has a 52 week low of $24.68 and a 52 week high of $51.45. The business has a fifty day moving average price of $27.33. The stock has a market capitalization of $727.38 million, a P/E ratio of 7.39 and a beta of 2.02.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, July 30th. The transportation company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.03). ArcBest had a return on equity of 13.11% and a net margin of 2.77%. The firm had revenue of $771.50 million during the quarter, compared to analysts’ expectations of $779.07 million. During the same period in the previous year, the firm earned $1.12 earnings per share. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, equities analysts predict that ArcBest will post 3.06 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, August 9th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, August 8th. ArcBest’s dividend payout ratio (DPR) is presently 8.29%.

Several hedge funds have recently made changes to their positions in ARCB. Pearl River Capital LLC bought a new position in ArcBest during the 1st quarter valued at about $68,000. NumerixS Investment Technologies Inc bought a new position in ArcBest during the 1st quarter valued at about $122,000. Victory Capital Management Inc. lifted its stake in ArcBest by 30.5% during the 1st quarter. Victory Capital Management Inc. now owns 6,915 shares of the transportation company’s stock valued at $213,000 after acquiring an additional 1,615 shares during the period. Stephens Inc. AR lifted its stake in ArcBest by 16.2% during the 2nd quarter. Stephens Inc. AR now owns 7,901 shares of the transportation company’s stock valued at $222,000 after acquiring an additional 1,100 shares during the period. Finally, Everence Capital Management Inc. bought a new position in ArcBest during the 2nd quarter valued at about $238,000. Hedge funds and other institutional investors own 97.85% of the company’s stock.

About ArcBest

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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