ArcBest (NASDAQ:ARCB) Stock Price Down 8.1% – Time to Sell?

ArcBest Corporation (NASDAQ:ARCB) was down 8.1% on Wednesday . The company traded as low as $139.65 and last traded at $137.3510. 20,465 shares changed hands during trading, a decline of 94% from the average session volume of 365,460 shares. The stock had previously closed at $149.48.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ARCB shares. TD Cowen upped their price objective on ArcBest from $137.00 to $175.00 and gave the stock a “hold” rating in a report on Tuesday, June 9th. JPMorgan Chase & Co. boosted their target price on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Citizens Jmp started coverage on ArcBest in a research note on Wednesday, July 15th. They issued a “market outperform” rating and a $180.00 target price for the company. Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Wells Fargo & Company lifted their price target on shares of ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, ArcBest presently has an average rating of “Moderate Buy” and an average target price of $155.08.

ArcBest Price Performance

The firm has a fifty day moving average of $147.83 and a two-hundred day moving average of $118.65. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $3.10 billion, a PE ratio of 57.27, a PEG ratio of 0.53 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.12. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.36 earnings per share. Research analysts anticipate that ArcBest Corporation will post 6.62 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, August 7th. ArcBest’s payout ratio is presently 19.75%.

Institutional Investors Weigh In On ArcBest

Several institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. grew its holdings in ArcBest by 126.6% in the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after acquiring an additional 567 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of ArcBest by 507.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after acquiring an additional 934 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of ArcBest during the second quarter worth about $85,000. Assetmark Inc. boosted its holdings in shares of ArcBest by 5,940.0% during the fourth quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock worth $90,000 after purchasing an additional 1,188 shares during the period. Finally, KBC Group NV grew its stake in shares of ArcBest by 69.4% in the fourth quarter. KBC Group NV now owns 1,299 shares of the transportation company’s stock worth $96,000 after purchasing an additional 532 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.