ArcBest (NASDAQ:ARCB) Downgraded by StockNews.com to Sell

StockNews.com cut shares of ArcBest (NASDAQ:ARCB) from a hold rating to a sell rating in a research report released on Thursday.

Several other brokerages have also issued reports on ARCB. Jefferies Financial Group dropped their price target on ArcBest from $120.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Bank of America dropped their target price on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research report on Wednesday, March 12th. Truist Financial decreased their price target on shares of ArcBest from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. TD Cowen cut their price objective on shares of ArcBest from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company decreased their target price on shares of ArcBest from $80.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.75.

ArcBest Stock Performance

NASDAQ:ARCB opened at $62.01 on Thursday. The stock has a market cap of $1.44 billion, a P/E ratio of 8.46, a PEG ratio of 1.70 and a beta of 1.70. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $68.08 and its two-hundred day moving average price is $89.87. ArcBest has a twelve month low of $55.19 and a twelve month high of $129.83.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $967.08 million for the quarter, compared to the consensus estimate of $990.03 million. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.34 earnings per share. As a group, equities analysts predict that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, May 9th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date is Friday, May 9th. ArcBest’s payout ratio is 6.35%.

Insider Buying and Selling at ArcBest

In related news, CFO John Matthew Beasley bought 700 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $74.89 per share, with a total value of $52,423.00. Following the purchase, the chief financial officer now owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. This trade represents a 9.41 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.28% of the company’s stock.

Institutional Trading of ArcBest

Several large investors have recently bought and sold shares of ARCB. Arizona State Retirement System boosted its position in shares of ArcBest by 1.6% during 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 in the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of ArcBest by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock valued at $230,000 after buying an additional 157 shares in the last quarter. Stephens Inc. AR grew its position in shares of ArcBest by 2.1% in the 4th quarter. Stephens Inc. AR now owns 8,128 shares of the transportation company’s stock worth $758,000 after buying an additional 170 shares during the period. Blue Trust Inc. increased its stake in shares of ArcBest by 146.3% in the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after acquiring an additional 177 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in ArcBest by 7.1% during the first quarter. Crossmark Global Holdings Inc. now owns 4,303 shares of the transportation company’s stock worth $304,000 after acquiring an additional 285 shares in the last quarter. 99.27% of the stock is owned by institutional investors.

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.