ArcBest (NASDAQ:ARCB) Reaches New 12-Month Low on Disappointing Earnings

ArcBest Co. (NASDAQ:ARCB - Get Free Report) shares reached a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $57.22 and last traded at $58.61, with a volume of 34084 shares changing hands. The stock had previously closed at $59.10.

The transportation company reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The company had revenue of $967.08 million for the quarter, compared to the consensus estimate of $990.03 million. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The firm's quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.34 earnings per share.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, May 9th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date is Friday, May 9th. ArcBest's payout ratio is currently 6.35%.

Analysts Set New Price Targets

ARCB has been the subject of several research reports. Jefferies Financial Group decreased their target price on ArcBest from $120.00 to $95.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley lowered their price objective on shares of ArcBest from $160.00 to $145.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. The Goldman Sachs Group cut their target price on shares of ArcBest from $97.00 to $84.00 and set a "neutral" rating for the company in a research note on Wednesday. Stephens restated an "overweight" rating and issued a $116.00 price target on shares of ArcBest in a research report on Tuesday, March 11th. Finally, TD Cowen cut their price objective on ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $88.75.

Insider Buying and Selling

In related news, CFO John Matthew Beasley purchased 700 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $74.89 per share, with a total value of $52,423.00. Following the completion of the purchase, the chief financial officer now owns 8,142 shares of the company's stock, valued at $609,754.38. The trade was a 9.41 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.28% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. raised its position in ArcBest by 10.9% during the first quarter. Victory Capital Management Inc. now owns 257,933 shares of the transportation company's stock valued at $18,205,000 after acquiring an additional 25,306 shares in the last quarter. Signaturefd LLC boosted its holdings in ArcBest by 477.6% in the first quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after purchasing an additional 320 shares in the last quarter. MQS Management LLC bought a new position in ArcBest during the first quarter valued at about $220,000. CWM LLC lifted its position in shares of ArcBest by 338.8% in the first quarter. CWM LLC now owns 452 shares of the transportation company's stock worth $32,000 after buying an additional 349 shares during the last quarter. Finally, Stephens Inc. AR boosted its stake in shares of ArcBest by 5.1% during the 1st quarter. Stephens Inc. AR now owns 8,540 shares of the transportation company's stock worth $603,000 after acquiring an additional 412 shares in the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Stock Performance

The stock has a fifty day moving average price of $68.08 and a 200 day moving average price of $89.87. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 8.46, a price-to-earnings-growth ratio of 1.70 and a beta of 1.70.

About ArcBest

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.