ArcBest (NASDAQ:ARCB) Releases Earnings Results, Beats Expectations By $0.09 EPS

ArcBest (NASDAQ:ARCB) issued its quarterly earnings data on Wednesday. The transportation company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09, Zacks reports. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the company earned $1.64 earnings per share. ArcBest’s revenue for the quarter was down 1.4% on a year-over-year basis.

ArcBest Trading Down 0.9%

ArcBest stock traded down $0.63 during trading hours on Wednesday, reaching $70.76. 480,801 shares of the company’s stock traded hands, compared to its average volume of 357,270. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 1.35 and a beta of 1.66. The firm’s 50 day moving average is $72.30 and its 200-day moving average is $71.33. ArcBest has a fifty-two week low of $55.19 and a fifty-two week high of $123.25.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, November 14th. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. ArcBest’s dividend payout ratio is presently 7.14%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Citigroup raised shares of ArcBest from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $79.00 to $89.00 in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of ArcBest in a research report on Wednesday, October 8th. Wells Fargo & Company dropped their target price on shares of ArcBest from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 31st. Zacks Research raised shares of ArcBest to a “strong sell” rating in a research report on Monday, August 11th. Finally, TD Cowen lowered their price target on shares of ArcBest from $72.00 to $67.00 and set a “hold” rating on the stock in a report on Wednesday, October 1st. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $90.33.

Institutional Trading of ArcBest

Several hedge funds have recently bought and sold shares of ARCB. Canada Pension Plan Investment Board purchased a new stake in ArcBest in the 2nd quarter valued at $85,000. Tower Research Capital LLC TRC lifted its position in ArcBest by 803.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,413 shares of the transportation company’s stock worth $186,000 after buying an additional 2,146 shares during the last quarter. Raymond James Financial Inc. bought a new stake in ArcBest in the 2nd quarter worth approximately $194,000. Corient Private Wealth LLC bought a new stake in ArcBest in the 2nd quarter worth approximately $301,000. Finally, Osaic Holdings Inc. lifted its position in ArcBest by 61.2% in the 2nd quarter. Osaic Holdings Inc. now owns 4,283 shares of the transportation company’s stock worth $330,000 after buying an additional 1,626 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.