ArcBest (NASDAQ:ARCB) Trading Down 6.2% – Here’s What Happened

ArcBest Co. (NASDAQ:ARCB) was down 6.2% during trading on Friday . The stock traded as low as $84.65 and last traded at $83.91. Approximately 38,917 shares were traded during trading, a decline of 85% from the average daily volume of 267,481 shares. The stock had previously closed at $89.44.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ARCB shares. Wells Fargo & Company reduced their price objective on shares of ArcBest from $105.00 to $96.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. JPMorgan Chase & Co. cut their price target on shares of ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup upped their price target on shares of ArcBest from $110.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Stifel Nicolaus upped their price target on shares of ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Finally, Morgan Stanley cut 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and a consensus price target of $118.91.

ArcBest Price Performance

The firm’s fifty day moving average price is $96.35 and its 200 day moving average price is $103.30. The firm has a market capitalization of $2.02 billion, a PE ratio of 11.75, a P/E/G ratio of 1.82 and a beta of 1.51. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10.

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

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, February 11th. This represents a $0.48 annualized dividend and a yield of 0.56%. ArcBest’s dividend payout ratio is presently 6.55%.

Institutional Trading of ArcBest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC grew its position in shares of ArcBest by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 2,509 shares of the transportation company’s stock valued at $272,000 after purchasing an additional 86 shares during the period. Avior Wealth Management LLC lifted its stake in shares of ArcBest by 17.9% in the third quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock worth $68,000 after buying an additional 95 shares in the last quarter. Arizona State Retirement System lifted 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 worth $640,000 after buying an additional 108 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of ArcBest by 4.0% in the third quarter. Nisa Investment Advisors LLC now owns 3,225 shares of the transportation company’s stock worth $350,000 after buying an additional 124 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its stake in shares of 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 buying an additional 157 shares in the last quarter. Institutional investors and hedge funds 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.