ArcBest (NASDAQ:ARCB) Trading Down 12.9% After Earnings Miss

ArcBest Co. (NASDAQ:ARCB)’s stock price fell 12.9% during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $112.58 and last traded at $112.72. 175,399 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 304,269 shares. The stock had previously closed at $129.45.

The transportation company reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. ArcBest had a net margin of 2.80% and a return on equity of 15.27%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.58 EPS.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. ArcBest’s dividend payout ratio (DPR) is presently 9.66%.

Analyst Ratings Changes

A number of brokerages recently issued reports on ARCB. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Bank of America dropped their price objective on shares of ArcBest from $143.00 to $110.00 and set an “underperform” rating for the company in a report on Wednesday. Stifel Nicolaus increased their target price on shares of ArcBest from $153.00 to $159.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. TD Cowen decreased their target price on shares of ArcBest from $177.00 to $148.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, UBS Group decreased their target price on shares of ArcBest from $150.00 to $126.00 and set a “neutral” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.38.

Insider Transactions at ArcBest

In other news, insider Erin K. Gattis sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $141.58, for a total transaction of $283,160.00. Following the completion of the sale, the insider now owns 32,247 shares of the company’s stock, valued at approximately $4,565,530.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.65% of the company’s stock.

Institutional Trading of ArcBest

Large investors have recently modified their holdings of the stock. Evergreen Capital Management LLC acquired a new stake in ArcBest in the 3rd quarter valued at $203,000. Schonfeld Strategic Advisors LLC grew its position in ArcBest by 385.8% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 26,717 shares of the transportation company’s stock valued at $2,716,000 after purchasing an additional 21,217 shares during the period. Wakefield Asset Management LLLP acquired a new stake in ArcBest in the 4th quarter valued at $806,000. American Century Companies Inc. grew its position in ArcBest by 10.5% in the 3rd quarter. American Century Companies Inc. now owns 378,206 shares of the transportation company’s stock valued at $38,445,000 after purchasing an additional 35,968 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in ArcBest by 31.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 55,199 shares of the transportation company’s stock valued at $5,611,000 after purchasing an additional 13,165 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Trading Down 2.3 %

The firm’s 50-day moving average is $138.58 and its 200-day moving average is $125.60. The company has a current ratio of 1.23, a quick ratio of 1.26 and a debt-to-equity ratio of 0.12. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 21.80, a P/E/G ratio of 0.48 and a beta of 1.56.

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.