ArcBest (NASDAQ:ARCB) Shares Gap Down to $138.08

ArcBest Co. (NASDAQ:ARCB)’s share price gapped down before the market opened on Friday . The stock had previously closed at $138.08, but opened at $130.02. ArcBest shares last traded at $127.99, with a volume of 63,352 shares traded.

Analysts Set New Price Targets

ARCB has been the subject of a number of recent analyst reports. TD Cowen upped their price target on shares of ArcBest from $141.00 to $178.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. lowered their price objective on shares of ArcBest from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, April 9th. Stephens upped their price objective on shares of ArcBest from $165.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Bank of America upped their price objective on shares of ArcBest from $141.00 to $143.00 and gave the stock an “underperform” rating in a research report on Monday, April 15th. Finally, Morgan Stanley upped their price objective on shares of ArcBest from $155.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. One 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $151.54.

ArcBest Stock Performance

The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $140.31 and its 200-day simple moving average is $124.90. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 0.59 and a beta of 1.49.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.22 by $0.25. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the firm earned $2.45 earnings per share. ArcBest’s quarterly revenue was down 6.4% on a year-over-year basis. On average, analysts expect that ArcBest Co. will post 10.05 EPS for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Thursday, February 15th. ArcBest’s dividend payout ratio is presently 6.07%.

Insider Buying and Selling

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $141.58, for a total value of $283,160.00. Following the completion of the sale, the insider now directly owns 32,247 shares in the company, valued at $4,565,530.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.65% of the stock is owned by insiders.

Institutional Investors Weigh In On ArcBest

A number of large investors have recently bought and sold shares of the stock. Northern Trust Corp grew its holdings in ArcBest by 9.4% in the third quarter. Northern Trust Corp now owns 458,090 shares of the transportation company’s stock worth $46,565,000 after purchasing an additional 39,215 shares during the period. American Century Companies Inc. grew its holdings in shares of ArcBest by 10.5% during the third quarter. American Century Companies Inc. now owns 378,206 shares of the transportation company’s stock valued at $38,445,000 after buying an additional 35,968 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of ArcBest by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 364,314 shares of the transportation company’s stock valued at $37,033,000 after buying an additional 7,094 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in shares of ArcBest during the third quarter valued at about $29,108,000. Finally, Bank of New York Mellon Corp boosted its holdings in ArcBest by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 281,693 shares of the transportation company’s stock worth $28,634,000 after purchasing an additional 1,934 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.