ArcBest (NASDAQ:ARCB) Shares Gap Down Following Analyst Downgrade

ArcBest Co. (NASDAQ:ARCB) shares gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $102.00 to $99.00. The stock had previously closed at $105.30, but opened at $99.69. Bank of America currently has an underperform rating on the stock. ArcBest shares last traded at $102.00, with a volume of 54,088 shares traded.

A number of other equities analysts have also weighed in on ARCB. TD Cowen decreased their price target on ArcBest from $148.00 to $136.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Stifel Nicolaus dropped their target price on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price target on shares of ArcBest from $127.00 to $134.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Morgan Stanley decreased their price objective on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Monday, July 8th. Finally, Wells Fargo & Company lowered ArcBest from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $122.00 to $112.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $140.55.

Insider Activity at ArcBest

In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $103.93 per share, with a total value of $103,930.00. Following the completion of the transaction, the director now owns 3,650 shares in the company, valued at $379,344.50. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 1.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ArcBest

A number of large investors have recently bought and sold shares of the business. Westwood Holdings Group Inc. lifted its position in shares of ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after buying an additional 150,467 shares during the last quarter. Marshall Wace LLP lifted its holdings in ArcBest by 158.7% in the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after purchasing an additional 117,774 shares during the last quarter. Norges Bank bought a new stake in ArcBest during the fourth quarter worth approximately $9,298,000. Emerald Advisers LLC acquired a new position in ArcBest during the second quarter valued at approximately $6,812,000. Finally, Mutual of America Capital Management LLC raised its position in shares of ArcBest by 1,455.0% in the second quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock valued at $6,789,000 after purchasing an additional 59,322 shares during the period. 99.27% of the stock is currently owned by institutional investors.

ArcBest Price Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. The stock’s 50 day moving average price is $110.92 and its two-hundred day moving average price is $120.84. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 21.19, a PEG ratio of 1.17 and a beta of 1.48.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results 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 firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company earned $1.54 earnings per share. On average, equities research analysts anticipate that ArcBest Co. will post 7.39 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s dividend payout ratio is currently 9.66%.

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.