ArcBest (NASDAQ:ARCB) Insider Sells $787,680.00 in Stock

ArcBest Corporation (NASDAQ:ARCB) insider Ralph Edward Sorg sold 6,000 shares of the business’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $131.28, for a total transaction of $787,680.00. Following the completion of the transaction, the insider owned 16,624 shares of the company’s stock, valued at $2,182,398.72. This represents a 26.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

ArcBest Stock Up 0.4%

Shares of NASDAQ:ARCB traded up $0.52 during trading on Tuesday, reaching $133.06. The stock had a trading volume of 57,918 shares, compared to its average volume of 334,921. ArcBest Corporation has a one year low of $59.43 and a one year high of $176.69. The firm’s 50-day simple moving average is $131.11 and its 200 day simple moving average is $125.56. The company has a current ratio of 1.00, a quick ratio of 0.97 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $2.97 billion, a P/E ratio of 104.93, a PEG ratio of 0.42 and a beta of 1.71.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Wednesday, November 4th. The transportation company reported $2.62 EPS for the quarter, beating the consensus estimate of $2.50 by $0.12. ArcBest had a return on equity of 9.93% and a net margin of 0.66%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the business posted $1.46 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, research analysts expect that ArcBest Corporation will post 7.42 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be given a $0.12 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. ArcBest’s dividend payout ratio is currently 37.80%.

Institutional Trading of ArcBest

A number of institutional investors and hedge funds have recently modified their holdings of ARCB. Glenmede Trust Co. NA grew its holdings in ArcBest by 1.5% in the first quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company’s stock worth $606,000 after purchasing an additional 93 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in ArcBest by 4.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 2,869 shares of the transportation company’s stock worth $366,000 after buying an additional 110 shares during the period. PNC Financial Services Group Inc. lifted its position in ArcBest by 8.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company’s stock valued at $175,000 after purchasing an additional 134 shares during the period. GAMMA Investing LLC boosted its stake in shares of ArcBest by 6.3% in the third quarter. GAMMA Investing LLC now owns 2,503 shares of the transportation company’s stock worth $319,000 after buying an additional 149 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of ArcBest by 51.3% during the 3rd quarter. Parallel Advisors LLC now owns 466 shares of the transportation company’s stock valued at $59,000 after purchasing an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Analyst Ratings Changes

ARCB has been the subject of a number of recent research reports. Citizens Jmp began coverage on ArcBest in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 price objective for the company. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a research note on Tuesday, August 25th. Truist Financial dropped their target price on ArcBest from $165.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. UBS Group reduced their price target on ArcBest from $154.00 to $146.00 and set a “neutral” rating for the company in a research report on Thursday, November 5th. Finally, Wall Street Zen raised ArcBest from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $153.54.

About ArcBest

ArcBest Corporation is a transportation and logistics company headquartered in Fort Smith, Arkansas. Its services include less-than-truckload freight through ABF Freight, as well as truckload, expedited transportation, freight brokerage, managed transportation and other supply chain solutions. The company serves businesses across North America and supports shipments to and from international markets through its transportation and logistics network. ArcBest traces its roots to 1923, when its predecessor began providing freight transportation services in Arkansas.