ArcBest (NASDAQ:ARCB) Stock: Insider Ralph Edward Sorg Sells 6,000 Shares

ArcBest Corporation (NASDAQ:ARCB) insider Ralph Edward Sorg sold 6,000 shares of the business’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $131.28, for a total value of $787,680.00. Following the sale, the insider directly owned 16,624 shares of the company’s stock, valued at approximately $2,182,398.72. This trade represents a 26.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

ArcBest Stock Performance

ArcBest stock opened at $135.91 on Thursday. The stock’s 50-day moving average is $131.09 and its 200-day moving average is $126.00. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 23.57, a price-to-earnings-growth ratio of 0.38 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 1.00. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69.

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

ArcBest Dividend Announcement

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

Institutional Trading of ArcBest

A number of hedge funds have recently made changes to their positions in the company. Public Sector Pension Investment Board lifted its holdings in ArcBest by 20.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 91,998 shares of the transportation company’s stock worth $11,939,000 after buying an additional 15,517 shares in the last quarter. Cibc World Market Inc. purchased a new position in ArcBest in the 3rd quarter valued at about $7,745,000. Intech Investment Management LLC grew its stake in shares of ArcBest by 8.8% during the third quarter. Intech Investment Management LLC now owns 19,997 shares of the transportation company’s stock valued at $2,548,000 after acquiring an additional 1,617 shares in the last quarter. Virtus Advisers LLC grew its stake in shares of ArcBest by 127.2% during the third quarter. Virtus Advisers LLC now owns 6,056 shares of the transportation company’s stock valued at $772,000 after acquiring an additional 3,391 shares in the last quarter. Finally, Aberdeen Group plc grew its stake in shares of ArcBest by 20.9% during the third quarter. Aberdeen Group plc now owns 127,234 shares of the transportation company’s stock valued at $16,215,000 after acquiring an additional 21,953 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Analysts Set New Price Targets

ARCB has been the topic of a number of research reports. Zacks Research downgraded shares of ArcBest from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Stifel Nicolaus decreased their price target on shares of ArcBest from $185.00 to $168.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. Truist Financial lowered their price target on ArcBest from $165.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Jefferies Financial Group reissued a “buy” rating on shares of ArcBest in a research report on Wednesday, November 4th. Finally, UBS Group reduced their price objective on ArcBest from $154.00 to $146.00 and set a “neutral” rating on the stock in a research note on Thursday, November 5th. One 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.54.

Trending Headlines about ArcBest

These are some of the ARCB headlines that stood out recently:

• Positive Sentiment: ArcBest’s selective freight strategy is reportedly helping profitability. Its latest quarterly results beat estimates: earnings were $2.62 per share versus $2.50 expected, while revenue reached $1.21 billion and grew 15.5% year over year. ArcBest’s selective freight strategy is paying off
• Positive Sentiment: Zacks says analysts’ average price target implies roughly 25% upside and points to rising earnings estimates as a potentially constructive signal. A separate Zacks article also characterizes ARCB as a long-term momentum stock. Analyst price-target and estimate outlook Zacks momentum-stock article
• Neutral Sentiment: UBS reiterated a Hold rating, reflecting a more cautious view than the bullish analyst price-target commentary. ArcBest’s announced quarterly dividend is $0.12 per share, equivalent to a modest 0.4% yield. UBS Hold rating

ArcBest Company Profile

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.