ArcBest (NASDAQ:ARCB) Stock Price Down 3.8% – Here’s What Happened

ArcBest Corporation (NASDAQ:ARCB) shares fell 3.8% during trading on Wednesday . The stock traded as low as $152.49 and last traded at $153.70. 55,948 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 352,136 shares. The stock had previously closed at $159.80.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ARCB shares. Weiss Ratings lowered ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 28th. Stifel Nicolaus boosted their target price on ArcBest from $116.00 to $134.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. The Goldman Sachs Group increased their price target on ArcBest from $102.00 to $117.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. TD Cowen raised their price target on ArcBest from $137.00 to $175.00 and gave the stock a “hold” rating in a research report on Tuesday, June 9th. Finally, Truist Financial lifted their price objective on shares of ArcBest from $95.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, ArcBest has an average rating of “Moderate Buy” and an average target price of $141.42.

ArcBest Stock Performance

The company has a market capitalization of $3.22 billion, a PE ratio of 59.48, a PEG ratio of 0.66 and a beta of 1.55. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. The firm’s 50-day simple moving average is $130.49 and its 200-day simple moving average is $104.18.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $999.07 million. During the same period in the prior year, the firm earned $0.51 EPS. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, research analysts predict that ArcBest Corporation will post 5.87 earnings per share for the current year.

ArcBest Announces Dividend

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

Institutional Investors Weigh In On ArcBest

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in shares of ArcBest by 100.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 87,256 shares of the transportation company’s stock worth $6,734,000 after acquiring an additional 43,803 shares in the last quarter. Aberdeen Group plc bought a new stake in ArcBest during the fourth quarter valued at about $7,240,000. WINTON GROUP Ltd purchased a new position in ArcBest in the third quarter valued at about $3,970,000. American Century Companies Inc. grew its stake in ArcBest by 9.6% in the third quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock valued at $57,090,000 after purchasing an additional 71,420 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in ArcBest by 13.5% in the third quarter. Public Sector Pension Investment Board now owns 88,662 shares of the transportation company’s stock worth $6,195,000 after purchasing an additional 10,566 shares in the last quarter. 99.27% of the stock is owned by institutional investors.

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.