ArcBest (NASDAQ:ARCB) Sets New 12-Month Low – Here’s Why

ArcBest Co. (NASDAQ:ARCB)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $57.38 and last traded at $58.61, with a volume of 289268 shares changing hands. The stock had previously closed at $60.62.

Analyst Ratings Changes

A number of equities research analysts recently commented on ARCB shares. Stephens reissued an “overweight” rating and set a $116.00 target price on shares of ArcBest in a research report on Tuesday, March 11th. Wells Fargo & Company decreased their price objective on ArcBest from $96.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Bank of America dropped their target price on ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 12th. The Goldman Sachs Group decreased their price target on ArcBest from $108.00 to $97.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Finally, Truist Financial assumed coverage on ArcBest in a report on Thursday, March 13th. They issued a “buy” rating and a $93.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, ArcBest presently has an average rating of “Hold” and an average target price of $101.75.

ArcBest Price Performance

The stock has a fifty day simple moving average of $74.94 and a 200-day simple moving average of $93.23. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 8.32, a P/E/G ratio of 1.70 and a beta of 1.62.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, January 31st. The transportation company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same quarter in the previous year, the company earned $2.47 earnings per share. On average, equities research analysts anticipate that ArcBest Co. will post 7 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.48 annualized dividend and a dividend yield of 0.79%. ArcBest’s dividend payout ratio is presently 6.55%.

Insider Buying and Selling

In other news, CFO John Matthew Beasley acquired 700 shares of the company’s stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $74.89 per share, with a total value of $52,423.00. Following the completion of the purchase, the chief financial officer now owns 8,142 shares of the company’s stock, valued at $609,754.38. This represents a 9.41 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 1.28% of the stock is owned by company insiders.

Institutional Trading of ArcBest

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. increased its position in shares of ArcBest by 146.3% in the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock valued at $28,000 after purchasing an additional 177 shares during the last quarter. R Squared Ltd acquired a new position in ArcBest in the 4th quarter valued at about $40,000. Smartleaf Asset Management LLC grew its stake in shares of ArcBest by 471.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock valued at $51,000 after purchasing an additional 453 shares during the last quarter. Curat Global LLC acquired a new position in shares of ArcBest in the first quarter valued at approximately $82,000. Finally, GAMMA Investing LLC raised its stake in shares of ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock worth $101,000 after purchasing an additional 932 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.