ArcBest (NASDAQ:ARCB) Shares Gap Down After Analyst Downgrade

ArcBest Co. (NASDAQ:ARCB)’s share price gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $102.00 to $99.00. The stock had previously closed at $105.30, but opened at $99.69. Bank of America currently has an underperform rating on the stock. ArcBest shares last traded at $102.00, with a volume of 54,088 shares trading hands.

ARCB has been the topic of several other research reports. JPMorgan Chase & Co. lifted their price objective on shares of ArcBest from $127.00 to $134.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Wells Fargo & Company lowered shares of ArcBest from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $122.00 to $112.00 in a research note on Wednesday. TD Cowen reduced their price objective on shares of ArcBest from $148.00 to $136.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. 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 research note on Tuesday, August 6th. Finally, StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $133.73.

Insider Buying and Selling

In other news, Director Salvatore A. Abbate bought 1,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares in the company, valued at $379,344.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ArcBest

Several institutional investors and hedge funds have recently modified their holdings of the stock. Westwood Holdings Group Inc. increased its holdings in shares of ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after purchasing an additional 150,467 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of ArcBest by 4.0% in the second quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock valued at $56,267,000 after purchasing an additional 20,115 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of ArcBest by 158.7% in the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock valued at $20,558,000 after purchasing an additional 117,774 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of ArcBest by 9.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of ArcBest by 20.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock valued at $18,629,000 after purchasing an additional 26,411 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Performance

The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 20.56, a P/E/G ratio of 1.17 and a beta of 1.48. The company’s fifty day simple moving average is $110.84 and its 200 day simple moving average is $120.71. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.54 EPS. On average, equities research analysts expect that ArcBest Co. will post 7.39 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were given a $0.12 dividend. 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 0.47%. ArcBest’s payout ratio is presently 9.66%.

ArcBest Company Profile

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.