Insider Selling: ArcBest Corporation (ARCB) VP Sells 770 Shares of Stock
ArcBest Corporation (NASDAQ:ARCB) VP Steven Carrol Leonard sold 770 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $30.00, for a total value of $23,100.00. Following the completion of the sale, the vice president now owns 15,700 shares in the company, valued at approximately $471,000. The transaction was disclosed in a filing with the SEC, which is available at this link.
Shares of ArcBest Corporation (NASDAQ:ARCB) traded down 1.00% on Thursday, hitting $29.60. The stock had a trading volume of 136,430 shares. ArcBest Corporation has a 12 month low of $16.95 and a 12 month high of $33.95. The firm has a 50 day moving average of $25.84 and a 200 day moving average of $24.02. The stock has a market cap of $760.90 million, a P/E ratio of 34.22 and a beta of 1.70.
ArcBest Corporation (NASDAQ:ARCB) last released its earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.09. The business had revenue of $720.40 million for the quarter, compared to analyst estimates of $721.11 million. ArcBest Corporation had a return on equity of 4.92% and a net margin of 0.83%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 earnings per share. On average, equities analysts forecast that ArcBest Corporation will post $1.31 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Friday, August 4th. ArcBest Corporation’s payout ratio is currently 37.21%.
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Large investors have recently added to or reduced their stakes in the company. State of Tennessee Treasury Department increased its holdings in shares of ArcBest Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 22,796 shares of the transportation company’s stock valued at $593,000 after purchasing an additional 3,440 shares during the period. Karp Capital Management Corp acquired a new position in ArcBest Corporation during the first quarter worth $594,000. Shell Asset Management Co. acquired a new position in ArcBest Corporation during the first quarter worth $679,000. Jane Street Group LLC acquired a new position in ArcBest Corporation during the first quarter worth $812,000. Finally, Tudor Investment Corp ET AL grew its holdings in ArcBest Corporation by 12.2% during the first quarter. Tudor Investment Corp ET AL now owns 15,600 shares of the transportation company’s stock worth $406,000 after acquiring an additional 1,700 shares during the period. 85.83% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have commented on ARCB shares. Cowen and Company upped their price objective on ArcBest Corporation from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. ValuEngine lowered ArcBest Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded ArcBest Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. BidaskClub lowered ArcBest Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, TheStreet upgraded ArcBest Corporation from a “c” rating to a “b-” rating in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $28.00.
ArcBest Corporation Company Profile
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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