ArcBest Corporation (NASDAQ:ARCB) Director William Legg sold 6,153 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $37.52, for a total value of $230,860.56. Following the sale, the director now directly owns 36,147 shares of the company’s stock, valued at $1,356,235.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of ArcBest Corporation (NASDAQ ARCB) traded up $0.75 during mid-day trading on Friday, hitting $36.10. The stock had a trading volume of 332,711 shares, compared to its average volume of 204,526. The stock has a market cap of $906.26, a P/E ratio of 28.74 and a beta of 1.82. ArcBest Corporation has a fifty-two week low of $16.95 and a fifty-two week high of $38.75. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.33.
ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. The business had revenue of $744.30 million during the quarter, compared to the consensus estimate of $750.16 million. ArcBest had a return on equity of 5.34% and a net margin of 0.88%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 EPS. analysts expect that ArcBest Corporation will post 1.29 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of ArcBest by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,216,925 shares of the transportation company’s stock worth $45,669,000 after buying an additional 83,738 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of ArcBest by 3.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,192,311 shares of the transportation company’s stock worth $45,161,000 after buying an additional 65,211 shares in the last quarter. Towle & Co. increased its stake in ArcBest by 4.0% in the 3rd quarter. Towle & Co. now owns 984,100 shares of the transportation company’s stock valued at $32,918,000 after purchasing an additional 37,976 shares in the last quarter. Ameriprise Financial Inc. increased its stake in ArcBest by 26.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 524,005 shares of the transportation company’s stock valued at $10,792,000 after purchasing an additional 108,200 shares in the last quarter. Finally, Northern Trust Corp increased its stake in ArcBest by 5.5% in the 2nd quarter. Northern Trust Corp now owns 494,643 shares of the transportation company’s stock valued at $10,190,000 after purchasing an additional 25,933 shares in the last quarter. 89.57% of the stock is owned by institutional investors and hedge funds.
Several analysts have commented on ARCB shares. Cowen downgraded ArcBest from an “outperform” rating to a “market perform” rating in a research note on Monday, October 16th. Zacks Investment Research downgraded ArcBest from a “buy” rating to a “hold” rating in a research note on Wednesday, October 18th. Morgan Stanley reaffirmed an “equal weight” rating and set a $22.00 price objective (up from $21.00) on shares of ArcBest in a research note on Thursday, October 5th. Bank of America upped their price objective on ArcBest from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Finally, ValuEngine downgraded ArcBest from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $31.43.
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ArcBest Company Profile
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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