ArcBest (NASDAQ:ARCB) Shares Down 6.1%

ArcBest Co. (NASDAQ:ARCB) was down 6.1% on Wednesday . The company traded as low as $136.73 and last traded at $137.10. Approximately 125,905 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 299,844 shares. The stock had previously closed at $145.95.

Analyst Ratings Changes

ARCB has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of ArcBest in a research note on Monday, January 29th. They set a “buy” rating and a $148.00 price objective for the company. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Bank of America increased their price objective on shares of ArcBest from $141.00 to $143.00 and gave the company an “underperform” rating in a research note on Monday, April 15th. TD Cowen upped their price target on ArcBest from $141.00 to $178.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Finally, The Goldman Sachs Group upped their target price on ArcBest from $133.00 to $149.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, ArcBest currently has an average rating of “Moderate Buy” and a consensus target price of $151.54.

ArcBest Price Performance

The company has a market cap of $3.22 billion, a P/E ratio of 17.17, a P/E/G ratio of 0.60 and a beta of 1.49. The stock has a 50-day simple moving average of $140.51 and a 200 day simple moving average of $124.72. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.26 and a current ratio of 1.26.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Tuesday, February 6th. The transportation company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.22 by $0.25. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. The company’s revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.45 EPS. On average, equities analysts expect that ArcBest Co. will post 10.05 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.35%. ArcBest’s dividend payout ratio is 6.07%.

Insider Buying and Selling at ArcBest

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $141.58, for a total transaction of $283,160.00. Following the completion of the sale, the insider now owns 32,247 shares in the company, valued at approximately $4,565,530.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in shares of ArcBest during the third quarter worth about $141,000. DAVENPORT & Co LLC lifted its stake in ArcBest by 2.0% in the 3rd quarter. DAVENPORT & Co LLC now owns 16,197 shares of the transportation company’s stock valued at $1,646,000 after purchasing an additional 322 shares during the last quarter. Linden Thomas Advisory Services LLC grew its holdings in ArcBest by 2.4% during the third quarter. Linden Thomas Advisory Services LLC now owns 16,284 shares of the transportation company’s stock worth $1,655,000 after purchasing an additional 374 shares during the period. Bank of New York Mellon Corp raised its stake in ArcBest by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 281,693 shares of the transportation company’s stock valued at $28,634,000 after buying an additional 1,934 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of ArcBest by 14.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,941 shares of the transportation company’s stock worth $502,000 after acquiring an additional 631 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

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.