ArcBest (NASDAQ:ARCB) Shares Gap Down – Here’s What Happened

ArcBest Co. (NASDAQ:ARCB)’s share price gapped down before the market opened on Friday . The stock had previously closed at $104.18, but opened at $101.18. ArcBest shares last traded at $102.32, with a volume of 34,645 shares.

Wall Street Analyst Weigh In

Several analysts have issued reports on ARCB shares. Jefferies Financial Group dropped their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. Morgan Stanley cut their price target on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Monday, July 8th. The Goldman Sachs Group decreased their price objective on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Bank of America reduced their price objective on ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Finally, Wolfe Research lowered ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $126.92.

ArcBest Stock Performance

The company has a fifty day moving average price of $104.90 and a two-hundred day moving average price of $110.77. The company has a market capitalization of $2.33 billion, a P/E ratio of 19.34, a PEG ratio of 1.40 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm posted $1.54 EPS. ArcBest’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts forecast that ArcBest Co. will post 6.89 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.49%. ArcBest’s dividend payout ratio (DPR) is currently 9.07%.

Insider Activity

In related news, Director Salvatore A. Abbate bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $103.93 per share, with a total value of $103,930.00. Following the completion of the purchase, the director now directly owns 3,650 shares in the company, valued at $379,344.50. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On ArcBest

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake 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 worth $23,537,000 after purchasing an additional 14,463 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of ArcBest by 3.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,858 shares of the transportation company’s stock worth $550,000 after buying an additional 131 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of ArcBest by 2.8% in the first quarter. Janney Montgomery Scott LLC now owns 25,397 shares of the transportation company’s stock valued at $3,619,000 after acquiring an additional 694 shares in the last quarter. Capstone Investment Advisors LLC increased its position in shares of ArcBest by 260.3% during the first quarter. Capstone Investment Advisors LLC now owns 6,515 shares of the transportation company’s stock valued at $928,000 after acquiring an additional 4,707 shares during the last quarter. Finally, Seelaus Asset Management LLC bought a new stake in ArcBest during the first quarter worth $309,000. 99.27% of the stock is currently owned by institutional investors.

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.