ArcBest Corp. (NASDAQ:ARCB) – Equities researchers at KeyCorp dropped their Q3 2016 earnings estimates for shares of ArcBest Corp. in a note issued to investors on Tuesday. KeyCorp analyst T. Fowler now anticipates that the brokerage will post earnings of $0.46 per share for the quarter, down from their prior estimate of $0.54. KeyCorp also issued estimates for ArcBest Corp.’s Q4 2016 earnings at $0.34 EPS and FY2016 earnings at $0.95 EPS.
ArcBest Corp. (NASDAQ:ARCB) last released its earnings results on Friday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.05. ArcBest Corp. had a return on equity of 5.02% and a net margin of 1.06%. The business had revenue of $676.60 million for the quarter, compared to analyst estimates of $683.12 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The business’s revenue for the quarter was down 2.8% on a year-over-year basis.
ARCB has been the subject of several other reports. Citigroup Inc. lowered their target price on ArcBest Corp. from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, July 11th. Deutsche Bank AG set a $20.00 price target on shares of ArcBest Corp. and gave the stock a “hold” rating in a research report on Thursday, July 21st. Buckingham Research started coverage on shares of ArcBest Corp. in a research report on Friday, September 23rd. They set a “buy” rating and a $24.00 price target on the stock. Finally, Zacks Investment Research cut shares of ArcBest Corp. from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $22.07.
ArcBest Corp. (NASDAQ:ARCB) opened at 18.67 on Wednesday. The firm has a market cap of $480.73 million, a PE ratio of 17.51 and a beta of 1.78. The firm’s 50-day moving average price is $18.51 and its 200 day moving average price is $18.51. ArcBest Corp. has a 52-week low of $14.85 and a 52-week high of $28.80.
Institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors boosted its position in shares of ArcBest Corp. by 0.7% in the first quarter. BlackRock Fund Advisors now owns 1,565,260 shares of the company’s stock worth $33,794,000 after buying an additional 11,470 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of ArcBest Corp. by 60.2% in the first quarter. JPMorgan Chase & Co. now owns 1,539,160 shares of the company’s stock worth $33,230,000 after buying an additional 578,317 shares in the last quarter. Algert Global LLC boosted its position in shares of ArcBest Corp. by 13.6% in the first quarter. Algert Global LLC now owns 21,519 shares of the company’s stock worth $465,000 after buying an additional 2,569 shares in the last quarter. Aristotle Capital Boston LLC boosted its position in shares of ArcBest Corp. by 3.2% in the second quarter. Aristotle Capital Boston LLC now owns 203,822 shares of the company’s stock worth $3,312,000 after buying an additional 6,412 shares in the last quarter. Finally, Aperio Group LLC boosted its position in shares of ArcBest Corp. by 35.9% in the first quarter. Aperio Group LLC now owns 16,729 shares of the company’s stock worth $361,000 after buying an additional 4,423 shares in the last quarter. 84.52% of the stock is currently owned by hedge funds and other institutional investors.
About ArcBest Corp.
ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).
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