ArcBest (NASDAQ:ARCB) Shares Down 4.2%

ArcBest Co. (NASDAQ:ARCB)’s share price fell 4.2% during mid-day trading on Tuesday . The stock traded as low as $103.87 and last traded at $103.87. 9,828 shares were traded during mid-day trading, a decline of 97% from the average session volume of 290,498 shares. The stock had previously closed at $108.45.

Analyst Ratings Changes

A number of equities analysts have recently commented on ARCB shares. StockNews.com downgraded shares of ArcBest from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Stephens reaffirmed an “overweight” rating and set a $130.00 price objective on shares of ArcBest in a report on Wednesday, September 4th. Wells Fargo & Company cut ArcBest from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $122.00 to $112.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. decreased their price target on ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Finally, TD Cowen dropped their price objective on ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $133.18.

ArcBest Trading Down 4.5 %

The company has a market capitalization of $2.43 billion, a P/E ratio of 20.61, a PEG ratio of 1.37 and a beta of 1.46. The business has a 50 day moving average price of $108.69 and a 200 day moving average price of $116.39. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 EPS. Analysts anticipate that ArcBest Co. will post 7.21 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a $0.12 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.46%. ArcBest’s dividend payout ratio is presently 9.66%.

Insiders Place Their Bets

In related news, Director Salvatore A. Abbate acquired 1,000 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $103.93 per share, with a total value of $103,930.00. Following the completion of the transaction, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ARCB. Westwood Holdings Group Inc. lifted its stake in ArcBest by 34.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after acquiring an additional 150,467 shares in the last quarter. Marshall Wace LLP lifted its position in shares of ArcBest by 158.7% in the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after purchasing an additional 117,774 shares in the last quarter. Norges Bank acquired a new position in ArcBest during the fourth quarter worth $9,298,000. Emerald Advisers LLC bought a new position in ArcBest in the second quarter valued at $6,812,000. Finally, Mutual of America Capital Management LLC increased its stake in ArcBest by 1,455.0% in the 2nd quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock valued at $6,789,000 after buying an additional 59,322 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors.

ArcBest Company Profile

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.