ArcBest (NASDAQ:ARCB) Stock Passes Above 50-Day Moving Average - Here's Why

Key Points

• ArcBest Corporation's stock price has surpassed its 50-day moving average, reaching a high of $74.75 during trading.
• Analyst ratings for ArcBest are mixed, with Citigroup upgrading the stock to "buy" with a new price target of $89, while others have adjusted targets lower.
• The company reported disappointing earnings, with $1.36 EPS for the last quarter, missing estimates and reflecting a 5.1% decline in revenue year-over-year.

ArcBest Corporation (NASDAQ:ARCB - Get Free Report)'s stock price passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $72.06 and traded as high as $74.75. ArcBest shares last traded at $73.87, with a volume of 290,700 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ARCB shares. Weiss Ratings restated a "hold (c-)" rating on shares of ArcBest in a research report on Wednesday, October 8th. Citigroup upgraded shares of ArcBest from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $79.00 to $89.00 in a report on Wednesday, October 8th. Stifel Nicolaus lowered their price target on shares of ArcBest from $93.00 to $81.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Cowen reissued a "hold" rating on shares of ArcBest in a research note on Wednesday, October 1st. Finally, Wells Fargo & Company lowered their target price on ArcBest from $90.00 to $80.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $90.00.

ArcBest Trading Up 3.0%

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock's fifty day moving average price is $72.06 and its two-hundred day moving average price is $70.30. The company has a market capitalization of $1.68 billion, a PE ratio of 10.99, a price-to-earnings-growth ratio of 1.33 and a beta of 1.66.

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

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. ArcBest's dividend payout ratio (DPR) is presently 7.14%.

Institutional Investors Weigh In On ArcBest

Several institutional investors and hedge funds have recently modified their holdings of ARCB. Signaturefd LLC lifted its position in shares of ArcBest by 477.6% in the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after purchasing an additional 320 shares during the period. Farther Finance Advisors LLC lifted its holdings in ArcBest by 433.3% in the second quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company's stock worth $30,000 after buying an additional 312 shares during the period. CWM LLC lifted its holdings in 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 period. FNY Investment Advisers LLC purchased a new position in shares of ArcBest in the 2nd quarter valued at approximately $51,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of ArcBest in the 2nd quarter valued at approximately $85,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

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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