ArcBest (NASDAQ:ARCB) Sets New 12-Month Low – Here’s What Happened

ArcBest Co. (NASDAQ:ARCB) reached a new 52-week low during trading on Friday . The stock traded as low as $92.57 and last traded at $93.62, with a volume of 66897 shares changing hands. The stock had previously closed at $97.58.

Wall Street Analysts Forecast Growth

ARCB has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Bank of America cut their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. Stephens reissued an “overweight” rating and set a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. Finally, TD Cowen lowered ArcBest from a “buy” rating to a “hold” rating and dropped their price objective for the company from $131.00 to $114.00 in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, ArcBest currently has a consensus rating of “Hold” and a consensus price target of $124.50.

ArcBest Stock Down 1.0 %

The stock has a fifty day moving average price of $108.17 and a two-hundred day moving average price of $108.28. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 11.93, a P/E/G ratio of 2.56 and a beta of 1.49. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the firm earned $2.31 EPS. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. As a group, sell-side analysts expect that ArcBest Co. will post 6.06 EPS for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.48 annualized dividend and a yield of 0.50%. ArcBest’s dividend payout ratio is presently 5.93%.

Insider Activity

In other news, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the transaction, the director now owns 23,250 shares in the company, valued at approximately $2,555,407.50. This trade represents a 14.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the sale, the senior vice president now owns 5,051 shares of the company’s stock, valued at approximately $609,150.60. This represents a 67.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ARCB. State Street Corp grew its position in ArcBest by 1.9% during the 3rd quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock worth $103,831,000 after acquiring an additional 17,542 shares during the last quarter. Westwood Holdings Group Inc. grew its holdings in shares of ArcBest by 34.7% during the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after purchasing an additional 150,467 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of ArcBest by 0.6% during the third quarter. Geode Capital Management LLC now owns 551,821 shares of the transportation company’s stock worth $59,856,000 after purchasing an additional 3,475 shares during the last quarter. American Century Companies Inc. raised its holdings in ArcBest by 4.0% in the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock valued at $56,267,000 after buying an additional 20,115 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in ArcBest by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock valued at $44,927,000 after buying an additional 21,905 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

About ArcBest

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.