ArcBest (NASDAQ:ARCB) Shares Down 7% - Here's What Happened

Key Points

• Shares fell about 7% intraday to $92.74 on Friday, trading as low as $92.68, with volume down ~89% versus the average session (38,814 vs. 369,156 shares).
• ArcBest missed Q4 EPS ($0.36 vs. $0.45 expected) and reported revenue down 2.9% year-over-year; analysts are mixed but the consensus rating is a "Hold" with a $97 average target (price targets range up to $110).
• The company has a market cap of $2.06 billion, a P/E of 35.4 and a PEG of 0.75, pays a $0.12 quarterly dividend (0.5% yield), and is ~99.27% institutionally owned.

ArcBest Corporation (NASDAQ:ARCB - Get Free Report)'s share price traded down 7% during mid-day trading on Friday . The stock traded as low as $92.68 and last traded at $92.74. 38,814 shares were traded during mid-day trading, a decline of 89% from the average session volume of 369,156 shares. The stock had previously closed at $99.71.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings restated a "hold (c-)" rating on shares of ArcBest in a research report on Wednesday, January 21st. TD Cowen reissued a "hold" rating on shares of ArcBest in a report on Friday, January 9th. Stifel Nicolaus lowered their price objective on shares of ArcBest from $96.00 to $94.00 and set a "buy" rating on the stock in a research note on Monday, February 2nd. Citigroup raised their target price on shares of ArcBest from $104.00 to $105.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Finally, Jefferies Financial Group lifted their price target on shares of ArcBest from $95.00 to $110.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, ArcBest presently has an average rating of "Hold" and a consensus target price of $97.00.

ArcBest Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 0.75 and a beta of 1.48. The stock's fifty day moving average price is $94.29 and its 200-day moving average price is $79.24.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The business's revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 EPS. Equities research analysts predict that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, February 10th. ArcBest's payout ratio is 18.39%.

Institutional Trading of ArcBest

Institutional investors have recently made changes to their positions in the stock. Johnson Investment Counsel Inc. acquired a new position in ArcBest in the 3rd quarter valued at approximately $28,000. Smartleaf Asset Management LLC grew its holdings in shares of ArcBest by 26.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company's stock valued at $47,000 after acquiring an additional 143 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of ArcBest by 126.6% in the fourth 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. Canada Pension Plan Investment Board acquired a new position in shares of ArcBest in the second quarter worth $85,000. Finally, Hantz Financial Services Inc. raised its holdings 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 worth $83,000 after acquiring an additional 934 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.

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