ArcBest Corporation (ARCB) Director Sells $128,000.00 in Stock
ArcBest Corporation (NASDAQ:ARCB) Director Steven Spinner sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $32.00, for a total transaction of $128,000.00. Following the transaction, the director now owns 24,700 shares in the company, valued at approximately $790,400. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of ArcBest Corporation (ARCB) traded up $0.60 during trading hours on Friday, hitting $32.35. 299,000 shares of the stock traded hands, compared to its average volume of 249,294. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $34.45. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.33. The company has a market cap of $813.97, a PE ratio of 25.81 and a beta of 1.78.
ArcBest Corporation (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, November 3rd. The transportation company reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. ArcBest Corporation had a net margin of 0.88% and a return on equity of 5.34%. The firm had revenue of $744.30 million for the quarter, compared to analysts’ expectations of $750.16 million. During the same quarter in the prior year, the business earned $0.48 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. equities analysts forecast that ArcBest Corporation will post 1.28 earnings per share for the current year.
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Large investors have recently modified their holdings of the company. Pacad Investment Ltd. lifted its stake in shares of ArcBest Corporation by 34.1% in the 2nd quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock worth $122,000 after purchasing an additional 1,500 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of ArcBest Corporation by 61.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock worth $160,000 after purchasing an additional 2,957 shares during the period. Stephens Inc. AR bought a new position in shares of ArcBest Corporation in the 3rd quarter worth approximately $299,000. Louisiana State Employees Retirement System lifted its stake in shares of ArcBest Corporation by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock worth $202,000 after purchasing an additional 100 shares during the period. Finally, Marshall Wace North America L.P. bought a new position in shares of ArcBest Corporation in the 2nd quarter worth approximately $236,000. Hedge funds and other institutional investors own 84.80% of the company’s stock.
Several equities analysts have issued reports on the stock. ValuEngine cut shares of ArcBest Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Buckingham Research upped their target price on shares of ArcBest Corporation from $29.00 to $33.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Bank of America Corporation upped their target price on shares of ArcBest Corporation from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Morgan Stanley restated an “equal weight” rating and set a $22.00 target price (up previously from $21.00) on shares of ArcBest Corporation in a research note on Thursday, October 5th. Finally, Cowen and Company restated a “market perform” rating and set a $33.00 target price (up previously from $29.00) on shares of ArcBest Corporation in a research note on Monday, November 6th. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the stock. ArcBest Corporation presently has a consensus rating of “Hold” and an average target price of $30.86.
About ArcBest Corporation
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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