ArcBest (NASDAQ:ARCB) Announces Quarterly Earnings Results

ArcBest (NASDAQ:ARCB) issued its quarterly earnings results on Friday. The transportation company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.20), Briefing.com reports. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. ArcBest’s revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.31 earnings per share.

ArcBest Stock Performance

Shares of NASDAQ:ARCB traded down $4.16 on Friday, reaching $100.02. 589,804 shares of the company’s stock were exchanged, compared to its average volume of 285,275. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest has a twelve month low of $94.76 and a twelve month high of $153.60. The company has a fifty day moving average of $104.68 and a 200-day moving average of $110.42. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 1.40 and a beta of 1.46.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Wednesday, November 13th. ArcBest’s dividend payout ratio is currently 9.07%.

Insider Activity at ArcBest

In related news, Director Salvatore A. Abbate bought 1,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the transaction, the director now owns 3,650 shares in the company, valued at $379,344.50. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.65% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wells Fargo & Company cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $122.00 to $112.00 in a research report on Wednesday, September 4th. Morgan Stanley lowered their target price on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Monday, July 8th. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. The Goldman Sachs Group cut their target price on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Stifel Nicolaus lowered their price target on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $126.92.

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.