Insider Selling: ArcBest (NASDAQ:ARCB) Director Sells $397,065.86 in Stock

ArcBest Corporation (NASDAQ:ARCB) Director Judy Mcreynolds sold 2,857 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $138.98, for a total value of $397,065.86. Following the completion of the transaction, the director owned 50,048 shares in the company, valued at $6,955,671.04. This trade represents a 5.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

ArcBest Stock Up 3.6%

ARCB opened at $140.63 on Thursday. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69. The business has a 50 day moving average price of $149.47 and a two-hundred day moving average price of $122.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. The company has a market cap of $3.14 billion, a PE ratio of 203.81, a P/E/G ratio of 0.44 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the business posted $1.36 EPS. The company’s revenue was up 15.9% on a year-over-year basis. As a group, research analysts anticipate that ArcBest Corporation will post 6.9 EPS for the current year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, August 7th. ArcBest’s payout ratio is currently 69.57%.

Analyst Ratings Changes

ARCB has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. UBS Group increased their price target on shares of ArcBest from $145.00 to $154.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Stifel Nicolaus raised their price objective on shares of ArcBest from $134.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Truist Financial lifted their price objective on ArcBest from $145.00 to $165.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Finally, Morgan Stanley boosted their target price on ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.23.

Hedge Funds Weigh In On ArcBest

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. C M Bidwell & Associates Ltd. purchased a new stake in ArcBest during the second quarter worth about $74,000. Federated Hermes Inc. increased its holdings in ArcBest by 126.6% in the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock valued at $75,000 after buying an additional 567 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in ArcBest by 507.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after buying an additional 934 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of ArcBest during the 2nd quarter valued at approximately $85,000. Finally, Assetmark Inc. lifted its position in shares of ArcBest by 5,940.0% during the 4th quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock valued at $90,000 after acquiring an additional 1,188 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.