ArcBest (NASDAQ:ARCB) Shares Gap Up After Better-Than-Expected Earnings

ArcBest Co. (NASDAQ:ARCB)’s share price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $94.51, but opened at $103.14. ArcBest shares last traded at $94.09, with a volume of 39,537 shares traded.

The transportation company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a return on equity of 14.27% and a net margin of 4.54%. During the same period in the previous year, the company earned $2.47 EPS.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.50%. The ex-dividend date is Tuesday, February 11th. ArcBest’s dividend payout ratio is currently 5.93%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ARCB shares. TD Cowen cut ArcBest from a “buy” rating to a “hold” rating and lowered their price target for the company from $131.00 to $114.00 in a report on Monday, October 14th. Stifel Nicolaus raised their target price on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Wells Fargo & Company cut their price target on ArcBest from $115.00 to $105.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Wolfe Research cut shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Finally, UBS Group cut their target price on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $122.91.

Insider Buying and Selling at ArcBest

In related news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the sale, the senior vice president now owns 5,051 shares of the company’s stock, valued at approximately $609,150.60. This trade represents a 67.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig E. Philip sold 3,900 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the transaction, the director now owns 23,250 shares of the company’s stock, valued at $2,555,407.50. The trade was a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Several institutional investors have recently bought and sold shares of the stock. Quarry LP boosted its holdings in shares of ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares during the last quarter. Blue Trust Inc. lifted its position in shares of ArcBest by 146.3% in the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after buying an additional 177 shares in the last quarter. R Squared Ltd bought a new position in ArcBest during the fourth quarter valued at approximately $40,000. GAMMA Investing LLC grew its holdings in ArcBest by 63.7% during the 3rd quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after buying an additional 200 shares in the last quarter. Finally, Quest Partners LLC raised its holdings in shares of ArcBest by 60.6% during the 3rd quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock worth $59,000 after acquiring an additional 206 shares in the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Stock Up 1.2 %

The business has a 50-day moving average price of $101.30 and a 200 day moving average price of $105.75. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $2.24 billion, a P/E ratio of 11.80, a P/E/G ratio of 1.78 and a beta of 1.53.

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.