Insider Buying: ArcBest Co. (NASDAQ:ARCB) Director Purchases $103,930.00 in Stock

ArcBest Co. (NASDAQ:ARCB) Director Salvatore A. Abbate acquired 1,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now directly owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

ArcBest Stock Down 0.8 %

Shares of NASDAQ ARCB opened at $105.16 on Thursday. ArcBest Co. has a 1 year low of $86.93 and a 1 year high of $153.60. The firm’s 50-day moving average is $110.83 and its 200-day moving average is $123.71. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $2.46 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 0.98 and a beta of 1.48.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.80% and a return on equity of 15.27%. ArcBest’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.54 earnings per share. Equities analysts expect that ArcBest Co. will post 8.26 EPS for the current year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.46%. ArcBest’s dividend payout ratio is presently 9.66%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. UBS Group reduced their target price on ArcBest from $150.00 to $126.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. JPMorgan Chase & Co. boosted their price objective on ArcBest from $127.00 to $134.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. TD Cowen lowered their target price on ArcBest from $148.00 to $136.00 and set a “buy” rating for the company in a research note on Monday, August 5th. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Finally, Stifel Nicolaus decreased their price objective on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $143.25.

Hedge Funds Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its position in shares of ArcBest by 49.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 75 shares during the period. Contravisory Investment Management Inc. boosted its position in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of ArcBest by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 7,572 shares of the transportation company’s stock valued at $910,000 after buying an additional 96 shares during the period. Louisiana State Employees Retirement System increased its position in shares of ArcBest by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock valued at $1,264,000 after buying an additional 100 shares in the last quarter. Finally, 1492 Capital Management LLC raised its stake in ArcBest by 1.0% during the 4th quarter. 1492 Capital Management LLC now owns 10,605 shares of the transportation company’s stock worth $1,275,000 after buying an additional 103 shares during the period. Institutional investors own 99.27% of the company’s stock.

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.