ArcBest (NASDAQ:ARCB) Shares Gap Down – Should You Sell?

ArcBest Corporation (NASDAQ:ARCB) shares gapped down prior to trading on Wednesday . The stock had previously closed at $173.22, but opened at $159.99. ArcBest shares last traded at $165.22, with a volume of 112,283 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Truist Financial increased their price objective on ArcBest from $95.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Stifel Nicolaus upped their target price on ArcBest from $116.00 to $134.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. TD Cowen upped their target price on ArcBest from $137.00 to $175.00 and gave the company a “hold” rating in a research note on Tuesday. Morgan Stanley restated an “overweight” rating and issued a $150.00 target price on shares of ArcBest in a research note on Wednesday, April 29th. Finally, Bank of America upped their target price on ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $137.08.

ArcBest Stock Down 3.7%

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a 50 day simple moving average of $121.98 and a 200-day simple moving average of $99.37. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 68.55, a price-to-earnings-growth ratio of 0.81 and a beta of 1.55.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The firm had revenue of $998.79 million during the quarter, compared to analyst estimates of $999.07 million. During the same period in the prior year, the company posted $0.51 earnings per share. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that ArcBest Corporation will post 5.47 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, May 8th. ArcBest’s dividend payout ratio is currently 19.75%.

Institutional Trading of ArcBest

Hedge funds and other institutional investors have recently made changes to their positions in the business. Johnson Investment Counsel Inc. acquired a new stake in shares of ArcBest in the third quarter valued at $28,000. Smartleaf Asset Management LLC increased its stake in shares of ArcBest by 26.9% in the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock valued at $47,000 after buying 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 valued at $75,000 after buying an additional 567 shares in the last quarter. Hantz Financial Services Inc. increased its stake in shares of ArcBest by 507.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after buying an additional 934 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of ArcBest in the second quarter valued at $85,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Company Profile

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.