ArcBest (NASDAQ:ARCB) Hits New 1-Year Low – Here’s Why

ArcBest Co. (NASDAQ:ARCB) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $70.53 and last traded at $71.43, with a volume of 95910 shares traded. The stock had previously closed at $72.45.

Analyst Ratings Changes

A number of research firms recently weighed in on ARCB. Truist Financial began coverage on ArcBest in a report on Thursday, March 13th. They set a “buy” rating and a $93.00 price target for the company. Stephens reaffirmed an “overweight” rating and set a $116.00 price target on shares of ArcBest in a report on Tuesday, March 11th. Stifel Nicolaus raised their price target on ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Bank of America dropped their price target on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a report on Wednesday, March 12th. Finally, Morgan Stanley dropped their price target on ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $108.33.

ArcBest Price Performance

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 firm has a market capitalization of $1.66 billion, a P/E ratio of 9.78, a price-to-earnings-growth ratio of 1.70 and a beta of 1.54. The company has a 50-day moving average price of $89.16 and a 200-day moving average price of $99.50.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping 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 company posted $2.47 EPS. On average, sell-side analysts predict 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 was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.67%. The ex-dividend date was Tuesday, February 11th. ArcBest’s dividend payout ratio is 6.55%.

Insider Activity at ArcBest

In related news, CFO John Matthew Beasley bought 700 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $74.89 per share, with a total value of $52,423.00. Following the completion of the transaction, the chief financial officer now owns 8,142 shares in the company, valued at $609,754.38. The trade was a 9.41 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 bought and sold shares of ARCB. Blue Trust Inc. grew its holdings in ArcBest by 146.3% during the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after purchasing an additional 177 shares during the period. R Squared Ltd bought a new position in ArcBest during the fourth quarter worth about $40,000. Smartleaf Asset Management LLC grew its holdings in ArcBest by 471.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock worth $51,000 after purchasing an additional 453 shares during the period. Quest Partners LLC boosted its holdings in shares of ArcBest by 60.6% during the third quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock worth $59,000 after acquiring an additional 206 shares during the period. Finally, Avior Wealth Management LLC boosted its holdings in shares of ArcBest by 17.9% during the third quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock worth $68,000 after acquiring an additional 95 shares during the period. Institutional investors own 99.27% of the company’s stock.

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.