ArcBest (NASDAQ:ARCB) Shares Gap Down – Should You Sell?

Shares of ArcBest Corporation (NASDAQ:ARCB) gapped down prior to trading on Wednesday . The stock had previously closed at $173.22, but opened at $159.99. ArcBest shares last traded at $165.22, with a volume of 112,283 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ARCB. Wall Street Zen raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Truist Financial increased their target price on ArcBest from $95.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Zacks Research raised ArcBest from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their target price on shares of ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a report on Monday. Finally, Stifel Nicolaus lifted their price target on shares of ArcBest from $116.00 to $134.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $137.08.

ArcBest Trading Up 4.5%

The company has a market cap of $3.84 billion, a price-to-earnings ratio of 71.06, a PEG ratio of 0.78 and a beta of 1.55. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.93. The business’s 50-day simple moving average is $124.90 and its 200-day simple moving average is $100.89.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The business had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. During the same period in the prior year, the business earned $0.51 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Research analysts predict that ArcBest Corporation will post 5.66 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s payout ratio is 19.75%.

Institutional Trading of ArcBest

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. Johnson Investment Counsel Inc. purchased a new position in ArcBest in the 3rd quarter valued at about $28,000. Smartleaf Asset Management LLC grew its holdings in shares of ArcBest by 26.9% during the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after buying an additional 143 shares in the last quarter. Federated Hermes Inc. raised its position in shares of 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 during the last quarter. Hantz Financial Services Inc. lifted its stake in shares of ArcBest by 507.6% during 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 during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of ArcBest during the second quarter valued at approximately $85,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Company Profile

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.