ArcBest (NASDAQ:ARCB) Shares Gap Down on Analyst Downgrade

ArcBest Co. (NASDAQ:ARCB)’s stock price gapped down prior to trading on Friday after Truist Financial lowered their price target on the stock from $93.00 to $90.00. The stock had previously closed at $64.67, but opened at $62.01. Truist Financial currently has a buy rating on the stock. ArcBest shares last traded at $60.77, with a volume of 39,209 shares trading hands.

Other analysts also recently issued reports about the company. Jefferies Financial Group cut their price objective on ArcBest from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Morgan Stanley reduced their price target on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. The Goldman Sachs Group dropped their target price on shares of ArcBest from $108.00 to $97.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Stifel Nicolaus upped their price target on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company dropped their price objective on ArcBest from $96.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $101.50.

Insiders Place Their Bets

In related news, CFO John Matthew Beasley acquired 700 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $74.89 per share, with a total value of $52,423.00. Following the acquisition, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. The trade was a 9.41 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Arizona State Retirement System increased its stake in shares of ArcBest by 1.6% in the fourth quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company’s stock valued at $640,000 after purchasing an additional 108 shares during the period. Summit Investment Advisors Inc. lifted its holdings in ArcBest by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock worth $230,000 after purchasing an additional 157 shares during the period. Stephens Inc. AR grew its position in ArcBest by 2.1% in the 4th quarter. Stephens Inc. AR now owns 8,128 shares of the transportation company’s stock valued at $758,000 after buying an additional 170 shares in the last quarter. Blue Trust Inc. increased its stake in ArcBest by 146.3% during the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock valued at $28,000 after buying an additional 177 shares during the period. Finally, Sanctuary Advisors LLC raised its position in shares of ArcBest by 5.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 4,123 shares of the transportation company’s stock worth $453,000 after buying an additional 213 shares in the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Trading Down 9.7 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.01. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 7.97, a price-to-earnings-growth ratio of 1.70 and a beta of 1.62. The business’s 50 day moving average price is $70.94 and its two-hundred day moving average price is $91.54.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same period last year, the business earned $2.47 earnings per share. Equities analysts forecast that ArcBest Co. will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, May 9th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.82%. ArcBest’s payout ratio is 6.55%.

ArcBest Company Profile

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.