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

ArcBest Co. (NASDAQ:ARCB)’s share price gapped down prior to trading on Monday . The stock had previously closed at $105.95, but opened at $102.16. ArcBest shares last traded at $103.80, with a volume of 22,401 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. TD Cowen lowered ArcBest from a “buy” rating to a “hold” rating and decreased their target price for the company from $131.00 to $114.00 in a research report on Monday. Wells Fargo & Company cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $122.00 to $112.00 in a research report on Wednesday, September 4th. Morgan Stanley dropped their target price on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Monday, July 8th. Stephens restated an “overweight” rating and set a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. Finally, Stifel Nicolaus decreased their price target on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, ArcBest currently has a consensus rating of “Hold” and a consensus target price of $127.92.

ArcBest Stock Performance

The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. The stock’s fifty day simple moving average is $105.52 and its 200 day simple moving average is $113.93. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 21.09, a P/E/G ratio of 1.28 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.03 by ($0.05). The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. ArcBest’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.54 EPS. As a group, analysts anticipate that ArcBest Co. will post 7.06 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.46%. ArcBest’s dividend payout ratio is presently 9.66%.

Insider Activity at ArcBest

In other news, Director Salvatore A. Abbate bought 1,000 shares of ArcBest stock in a transaction on Monday, August 12th. The shares were bought 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 of the company’s stock, valued at approximately $379,344.50. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ArcBest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. UniSuper Management Pty Ltd purchased a new position in shares of ArcBest during the 1st quarter worth $666,000. Inspire Investing LLC boosted its stake in ArcBest by 39.6% during the first quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after buying an additional 4,258 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after acquiring an additional 14,463 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of ArcBest by 54.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock valued at $2,945,000 after acquiring an additional 7,291 shares during the period. Finally, Kennedy Capital Management LLC lifted its holdings in shares of ArcBest by 235.3% in the 1st quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock worth $4,771,000 after acquiring an additional 23,497 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.