Insider Selling: ArcBest (NASDAQ:ARCB) Insider Sells 6,000 Shares of Company Stock

Key Points

• Insider Ralph Edward Sorg sold 6,000 ArcBest shares for $787,680 at an average price of $131.28, reducing his ownership by 26.52% to 16,624 shares.
• ArcBest reported quarterly EPS of $2.62, beating analysts’ $2.50 estimate, while revenue of $1.21 billion exceeded consensus and rose 15.5% year over year.
• The company announced a quarterly dividend of $0.12 per share, equivalent to $0.48 annually and a 0.4% yield. Analysts’ average rating is “Moderate Buy,” with an average price target of $153.54.

ArcBest Corporation (NASDAQ:ARCB - Get Free Report) insider Ralph Edward Sorg sold 6,000 shares of the business's stock in a transaction on Monday, November 9th. The shares were sold at an average price of $131.28, for a total value of $787,680.00. Following the completion of the sale, the insider owned 16,624 shares of the company's stock, valued at $2,182,398.72. This trade represents a 26.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

ArcBest Price Performance

NASDAQ:ARCB traded up $0.52 during trading hours on Tuesday, reaching $133.06. 57,918 shares of the company were exchanged, compared to its average volume of 334,921. The business has a 50 day moving average of $131.11 and a 200 day moving average of $125.56. The company has a market capitalization of $2.97 billion, a P/E ratio of 104.93, a P/E/G ratio of 0.42 and a beta of 1.71. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.00 and a quick ratio of 0.97. ArcBest Corporation has a 1-year low of $59.43 and a 1-year high of $176.69.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The transportation company reported $2.62 earnings per share for the quarter, topping analysts' consensus estimates of $2.50 by $0.12. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.20 billion. ArcBest had a net margin of 0.66% and a return on equity of 9.93%. The firm's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 EPS. Research analysts forecast that ArcBest Corporation will post 7.42 EPS for the current year.

ArcBest Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ARCB. Stifel Nicolaus cut their target price on ArcBest from $185.00 to $168.00 and set a "buy" rating on the stock in a research report on Thursday, October 8th. Citizens Jmp assumed coverage on shares of ArcBest in a research note on Wednesday, July 15th. They set a "market outperform" rating and a $180.00 price objective for the company. Citigroup upped their target price on shares of ArcBest from $170.00 to $175.00 and gave the stock a "buy" rating in a research report on Thursday, November 5th. Jefferies Financial Group restated a "buy" rating on shares of ArcBest in a research report on Wednesday, November 4th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ArcBest from $158.00 to $164.00 and gave the company a "neutral" rating in a research report on Thursday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $153.54.

Institutional Trading of ArcBest

Several institutional investors and hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC increased its position in 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 during the period. C M Bidwell & Associates Ltd. purchased a new stake in shares of ArcBest in the 2nd quarter worth approximately $74,000. Nykredit A S bought a new position in shares of ArcBest during the second quarter valued at approximately $75,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of ArcBest during the second quarter valued at approximately $92,000. Finally, Pinnacle Holdings LLC purchased a new position in ArcBest during the second quarter valued at approximately $246,000. 99.27% of the stock is currently owned by institutional investors.

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.

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