ArcBest (NASDAQ:ARCB) Shares Gap Down to $149.25

ArcBest Co. (NASDAQ:ARCB) gapped down prior to trading on Wednesday . The stock had previously closed at $149.25, but opened at $146.00. ArcBest shares last traded at $140.43, with a volume of 35,986 shares trading hands.

Wall Street Analysts Forecast Growth

ARCB has been the subject of a number of recent research reports. Bank of America upped their target price on ArcBest from $141.00 to $143.00 and gave the company an “underperform” rating in a research note on Monday. Stephens upped their price target on ArcBest from $165.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Stifel Nicolaus upped their price target on ArcBest from $153.00 to $159.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Finally, The Goldman Sachs Group upped their price target on ArcBest from $133.00 to $149.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $151.54.

ArcBest Stock Down 2.7 %

The firm has a fifty day moving average price of $140.66 and a 200 day moving average price of $123.38. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.20 billion, a P/E ratio of 17.22, a PEG ratio of 0.64 and a beta of 1.49.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.25. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.09 billion. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. The firm’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.45 earnings per share. Equities research analysts forecast that ArcBest Co. will post 10.05 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.35%. The ex-dividend date was Thursday, February 15th. ArcBest’s dividend payout ratio is 6.07%.

Insider Activity at ArcBest

In related news, insider Erin K. Gattis sold 2,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $141.58, for a total value of $283,160.00. Following the transaction, the insider now owns 32,247 shares in the company, valued at $4,565,530.26. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.65% of the stock is owned by company insiders.

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. Allspring Global Investments Holdings LLC boosted its holdings in ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after buying an additional 14,463 shares during the last quarter. Oliver Luxxe Assets LLC boosted its holdings in ArcBest by 1.6% during the first quarter. Oliver Luxxe Assets LLC now owns 8,216 shares of the transportation company’s stock worth $1,171,000 after buying an additional 129 shares during the last quarter. Contravisory Investment Management Inc. boosted its holdings in 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 buying an additional 78 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in ArcBest by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,369 shares of the transportation company’s stock worth $1,608,000 after buying an additional 266 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in ArcBest during the fourth quarter worth about $262,000. 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.