ArcBest (NASDAQ:ARCB) Reaches New 12-Month Low - Here's What Happened

ArcBest Co. (NASDAQ:ARCB - Get Free Report) hit a new 52-week low on Wednesday . The company traded as low as $70.53 and last traded at $71.43, with a volume of 95910 shares trading hands. The stock had previously closed at $72.45.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ARCB. Truist Financial initiated coverage on ArcBest in a research report on Thursday, March 13th. They issued a "buy" rating and a $93.00 target price on the stock. The Goldman Sachs Group decreased their price objective on shares of ArcBest from $126.00 to $108.00 and set a "neutral" rating for the company in a report on Friday, March 14th. Stifel Nicolaus upped their target price on shares of ArcBest from $109.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, January 23rd. Citigroup reduced their price target on shares of ArcBest from $103.00 to $83.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Finally, Bank of America lowered their price objective on ArcBest from $100.00 to $73.00 and set an "underperform" rating for the company in a report on Wednesday, March 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $108.33.

ArcBest Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. The company has a fifty day moving average price of $87.81 and a 200 day moving average price of $98.82. The company has a market capitalization of $1.66 billion, a P/E ratio of 9.78, a price-to-earnings-growth ratio of 1.70 and a beta of 1.54.

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ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same period last year, the firm earned $2.47 EPS. On average, sell-side analysts forecast that ArcBest Co. will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend was Tuesday, February 11th. ArcBest's dividend payout ratio (DPR) is 6.55%.

Insider Activity at ArcBest

In other news, CFO John Matthew Beasley acquired 700 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $74.89 per share, with a total value of $52,423.00. Following the purchase, the chief financial officer now owns 8,142 shares of the company's stock, valued at approximately $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ArcBest

Several hedge funds have recently made changes to their positions in ARCB. State Street Corp boosted its holdings in ArcBest by 1.9% during the third quarter. State Street Corp now owns 957,410 shares of the transportation company's stock worth $103,831,000 after buying an additional 17,542 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of ArcBest by 24.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company's stock worth $24,022,000 after acquiring an additional 43,707 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of ArcBest by 92.3% in the 3rd quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company's stock worth $1,166,000 after acquiring an additional 5,161 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of ArcBest by 16.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company's stock worth $12,653,000 after purchasing an additional 16,103 shares during the period. Finally, Barclays PLC raised its position in shares of ArcBest by 342.5% during the third quarter. Barclays PLC now owns 43,134 shares of the transportation company's stock worth $4,678,000 after purchasing an additional 33,386 shares during the period. Institutional investors and hedge funds own 99.27% of the company's stock.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.