ArcBest (NASDAQ:ARCB) Shares Down 6.3% - What's Next?

Key Points

• ArcBest's shares fell by 6.3% in mid-day trading, with the stock last priced at $70.61 after hitting a low of $70.28.
• The company reported poor earnings, missing analysts' estimates by $0.12 with an EPS of $1.36 and year-over-year revenue declining by 5.1% to $1.02 billion.
• Analysts' ratings vary, with six recommending a Buy and seven a Hold, determining an average target price consensus of $90.00.

ArcBest Corporation (NASDAQ:ARCB - Get Free Report)'s share price was down 6.3% during mid-day trading on Tuesday . The stock traded as low as $70.28 and last traded at $70.61. Approximately 150,745 shares changed hands during trading, a decline of 59% from the average daily volume of 366,514 shares. The stock had previously closed at $75.34.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ARCB shares. Wells Fargo & Company decreased their price target on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. Stifel Nicolaus decreased their price target on shares of ArcBest from $93.00 to $81.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Jefferies Financial Group reiterated a "buy" rating and set a $85.00 target price (up from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Bank of America upgraded shares of ArcBest from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $63.00 to $74.00 in a research report on Tuesday, June 10th. Finally, Citigroup lifted their target price on shares of ArcBest from $67.00 to $89.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $90.00.

ArcBest Stock Down 5.0%

The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 10.66, a P/E/G ratio of 0.87 and a beta of 1.69. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock's 50-day moving average price is $76.87 and its 200-day moving average price is $71.01.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The firm's revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.98 EPS. On average, sell-side analysts expect that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Friday, August 8th. ArcBest's payout ratio is presently 7.14%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Crossmark Global Holdings Inc. lifted its position in shares of ArcBest by 7.1% during the 1st quarter. Crossmark Global Holdings Inc. now owns 4,303 shares of the transportation company's stock valued at $304,000 after acquiring an additional 285 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of ArcBest in the 1st quarter worth $381,000. Elevation Point Wealth Partners LLC grew its stake in shares of ArcBest by 33.3% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company's stock worth $215,000 after acquiring an additional 762 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of ArcBest by 185.3% in the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after buying an additional 932 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in shares of ArcBest by 73.3% in the 1st quarter. Teacher Retirement System of Texas now owns 5,529 shares of the transportation company's stock worth $390,000 after buying an additional 2,339 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

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.

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