ArcBest (NASDAQ:ARCB) Trading Down 7% – Here’s Why

ArcBest Corporation (NASDAQ:ARCB)’s share price traded down 7% during mid-day trading on Friday . The stock traded as low as $92.68 and last traded at $92.74. 38,814 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 369,156 shares. The stock had previously closed at $99.71.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ARCB shares. Truist Financial raised their price objective on ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Stifel Nicolaus reduced their price target on shares of ArcBest from $96.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, February 2nd. Bank of America raised their price target on shares of ArcBest from $72.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, December 23rd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $100.00 price objective on shares of ArcBest in a research report on Saturday, January 31st. Finally, UBS Group reiterated a “neutral” rating and issued a $98.00 price objective on shares of ArcBest in a research note on Wednesday, February 4th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus target price of $97.00.

ArcBest Stock Performance

The firm has a 50-day simple moving average of $94.61 and a two-hundred day simple moving average of $79.43. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 35.74, a price-to-earnings-growth ratio of 0.67 and a beta of 1.48.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.09). The firm had revenue of $972.69 million for the quarter, compared to analyst estimates of $963.74 million. ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 earnings per share. As a group, sell-side analysts forecast that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th were paid a $0.12 dividend. The ex-dividend date was Tuesday, February 10th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. ArcBest’s payout ratio is 18.39%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ARCB. Bryce Point Capital LLC bought a new position in shares of ArcBest in the 3rd quarter valued at approximately $476,000. Summit Global Investments bought a new stake in ArcBest during the third quarter worth approximately $939,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in ArcBest during the second quarter valued at approximately $1,759,000. Impala Asset Management LLC acquired a new position in ArcBest during the second quarter valued at approximately $5,468,000. Finally, XTX Topco Ltd bought a new position in shares of ArcBest in the second quarter valued at approximately $1,357,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.