ArcBest (NASDAQ:ARCB) Shares Gap Down – Here’s Why

ArcBest Co. (NASDAQ:ARCB) shares gapped down before the market opened on Monday . The stock had previously closed at $105.95, but opened at $102.16. ArcBest shares last traded at $103.80, with a volume of 22,401 shares trading hands.

Analyst Upgrades and Downgrades

ARCB has been the topic of a number of research analyst reports. Stifel Nicolaus cut their price target on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their target price on ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Finally, TD Cowen downgraded ArcBest from a “buy” rating to a “hold” rating and dropped their price target for the stock from $131.00 to $114.00 in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, ArcBest currently has an average rating of “Hold” and an average price target of $127.92.

ArcBest Stock Performance

The stock has a market cap of $2.46 billion, a P/E ratio of 21.09, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19. The firm’s 50 day moving average is $105.52 and its 200 day moving average is $113.93.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the company posted $1.54 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. Analysts anticipate that ArcBest Co. will post 7.06 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.46%. ArcBest’s payout ratio is 9.66%.

Insider Activity at ArcBest

In related news, Director Salvatore A. Abbate purchased 1,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were acquired at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the purchase, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ArcBest

Hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning boosted its holdings in shares of ArcBest by 7.6% in the 3rd quarter. Creative Planning now owns 4,933 shares of the transportation company’s stock valued at $535,000 after acquiring an additional 349 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of ArcBest by 24.6% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,100 shares of the transportation company’s stock valued at $877,000 after purchasing an additional 1,600 shares during the period. GAMMA Investing LLC grew its position in ArcBest by 63.7% during the third quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after buying an additional 200 shares during the period. Handelsbanken Fonder AB increased its holdings in ArcBest by 50.0% in the third quarter. Handelsbanken Fonder AB now owns 7,500 shares of the transportation company’s stock valued at $813,000 after buying an additional 2,500 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of ArcBest during the 2nd quarter valued at about $419,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.