Insider Selling: ArcBest (NASDAQ:ARCB) Director Sells 2,857 Shares of Stock

Key Points

• ArcBest Director Judy McReynolds sold 2,857 shares at an average price of $138.98, generating approximately $397,066 and reducing her direct stake by 5.4% to 50,048 shares.
• ArcBest recently exceeded quarterly expectations, reporting $2.38 in EPS versus a $2.26 consensus and $1.18 billion in revenue, up 15.9% year over year.
• The stock traded near $137.37, while analysts maintained a “Moderate Buy” consensus with an average price target of $154.23; the company also declared a quarterly dividend of $0.12 per share.

ArcBest Corporation (NASDAQ:ARCB - Get Free Report) Director Judy Mcreynolds sold 2,857 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $138.98, for a total value of $397,065.86. Following the completion of the transaction, the director directly owned 50,048 shares of the company's stock, valued at approximately $6,955,671.04. The trade was a 5.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

ArcBest Trading Down 0.3%

ArcBest stock traded down $0.39 during trading hours on Monday, hitting $137.37. The stock had a trading volume of 85,456 shares, compared to its average volume of 372,080. The business's 50 day simple moving average is $149.68 and its 200-day simple moving average is $121.55. ArcBest Corporation has a one year low of $59.43 and a one year high of $176.69. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 199.59, a P/E/G ratio of 0.45 and a beta of 1.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.12. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The firm's revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.36 earnings per share. On average, equities analysts predict that ArcBest Corporation will post 6.9 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. ArcBest's dividend payout ratio (DPR) is presently 69.57%.

Analyst Ratings Changes

ARCB has been the topic of several analyst reports. Truist Financial boosted their price objective on shares of ArcBest from $145.00 to $165.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Wells Fargo & Company raised their target price on ArcBest from $130.00 to $150.00 and gave the stock an "equal weight" rating in a research report on Friday, June 5th. JPMorgan Chase & Co. lifted their target price on ArcBest from $117.00 to $147.00 and gave the stock a "neutral" rating in a report on Monday, June 8th. Zacks Research cut ArcBest from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings lowered ArcBest from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $154.23.

Hedge Funds Weigh In On ArcBest

Several hedge funds and other institutional investors have recently bought and sold shares of ARCB. Glenmede Trust Co. NA lifted its position in ArcBest by 1.5% during the first quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company's stock valued at $606,000 after purchasing an additional 93 shares during the period. Federation des caisses Desjardins du Quebec grew its position in ArcBest by 0.4% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 22,995 shares of the transportation company's stock worth $1,706,000 after purchasing an additional 100 shares during the period. Seelaus Asset Management LLC raised its stake in ArcBest by 3.5% during the 4th quarter. Seelaus Asset Management LLC now owns 3,710 shares of the transportation company's stock valued at $275,000 after buying an additional 125 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in ArcBest by 8.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company's stock valued at $175,000 after buying an additional 134 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in ArcBest by 3.1% during the 4th quarter. ProShare Advisors LLC now owns 4,431 shares of the transportation company's stock valued at $329,000 after buying an additional 135 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

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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