ArcBest (NASDAQ:ARCB) Stock Price Down 6.1%

ArcBest Co. (NASDAQ:ARCB) shares dropped 6.1% during mid-day trading on Wednesday . The company traded as low as $136.73 and last traded at $137.10. Approximately 125,905 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 299,844 shares. The stock had previously closed at $145.95.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Stifel Nicolaus raised their price objective on shares of ArcBest from $153.00 to $159.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. TD Cowen raised their price objective on ArcBest from $141.00 to $178.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. The Goldman Sachs Group boosted their target price on ArcBest from $133.00 to $149.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Friday, January 26th. Finally, UBS Group raised their target price on shares of ArcBest from $119.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $151.54.

ArcBest Stock Performance

The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $140.51 and a 200 day simple moving average of $124.72. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 0.60 and a beta of 1.49.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Tuesday, February 6th. The transportation company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.22 by $0.25. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the business earned $2.45 earnings per share. The business’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, analysts anticipate that ArcBest Co. will post 10.05 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a yield of 0.35%. ArcBest’s dividend payout ratio is currently 6.07%.

Insider Activity at ArcBest

In related news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $141.58, for a total value of $283,160.00. Following the sale, the insider now owns 32,247 shares of the company’s stock, valued at $4,565,530.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. Contravisory Investment Management Inc. increased its position in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after acquiring an additional 78 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of ArcBest by 49.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Allworth Financial LP boosted its position in ArcBest by 15,450.0% during the third quarter. Allworth Financial LP now owns 311 shares of the transportation company’s stock worth $32,000 after purchasing an additional 309 shares during the period. GAMMA Investing LLC acquired a new position in shares of ArcBest in the fourth quarter valued at approximately $39,000. Finally, Parallel Advisors LLC boosted its position in shares of ArcBest by 45.8% in the fourth quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after acquiring an additional 114 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.