ArcBest (NASDAQ:ARCB) Reaches New 12-Month Low – Here’s What Happened

ArcBest Co. (NASDAQ:ARCB)’s stock price hit a new 52-week low during trading on Friday . The stock traded as low as $92.57 and last traded at $93.62, with a volume of 66897 shares trading hands. The stock had previously closed at $97.58.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. Morgan Stanley dropped their target price on shares of ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Bank of America reduced their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Stifel Nicolaus cut their price objective on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Finally, The Goldman Sachs Group decreased their target price on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, ArcBest currently has an average rating of “Hold” and an average price target of $124.50.

ArcBest Trading Down 3.5 %

The stock has a 50-day moving average of $107.93 and a two-hundred day moving average of $108.25. The company has a market cap of $2.20 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 2.56 and a beta of 1.49. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.20). The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. ArcBest’s revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.31 earnings per share. On average, equities research analysts predict that ArcBest Co. will post 6.06 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.51%. ArcBest’s dividend payout ratio is presently 5.93%.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Quarry LP grew its stake 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 period. Innealta Capital LLC purchased a new position in shares of ArcBest in the second quarter worth approximately $33,000. Quest Partners LLC bought a new stake in ArcBest during the second quarter valued at approximately $36,000. GAMMA Investing LLC increased its holdings in ArcBest by 63.7% during the third quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after buying an additional 200 shares during the last quarter. Finally, Avior Wealth Management LLC raised its position in ArcBest by 17.9% in the third quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock worth $68,000 after acquiring an additional 95 shares during the period. Institutional investors own 99.27% of the company’s stock.

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.