ArcBest (NASDAQ:ARCB) Hits New 52-Week Low - Here's What Happened

ArcBest Co. (NASDAQ:ARCB - Get Free Report)'s stock price reached a new 52-week low on Monday . The company traded as low as $68.83 and last traded at $70.58, with a volume of 452952 shares changing hands. The stock had previously closed at $70.80.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ARCB shares. Stifel Nicolaus increased their target price on ArcBest from $109.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, January 23rd. Wells Fargo & Company reduced their price objective on shares of ArcBest from $96.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 27th. Morgan Stanley dropped their target price on shares of ArcBest from $160.00 to $145.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group reduced their price target on shares of ArcBest from $126.00 to $108.00 and set a "neutral" rating on the stock in a research report on Friday, March 14th. Finally, UBS Group lowered their price objective on shares of ArcBest from $110.00 to $100.00 and set a "neutral" rating for the company in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, ArcBest currently has an average rating of "Hold" and an average target price of $107.00.

ArcBest Stock Down 1.0 %

The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 8.68, a P/E/G ratio of 1.70 and a beta of 1.55. 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 firm's fifty day moving average price is $81.99 and its 200-day moving average price is $96.75.

Remove Ads

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 in the previous year, the firm posted $2.47 earnings per share. Sell-side analysts expect that ArcBest Co. will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th were issued a $0.12 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $0.48 dividend on an annualized basis and a yield of 0.75%. ArcBest's dividend payout ratio (DPR) is presently 6.55%.

Insider Buying and Selling

In related news, CFO John Matthew Beasley bought 700 shares of the business's stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $74.89 per share, with a total value of $52,423.00. Following the acquisition, the chief financial officer now owns 8,142 shares of the company's stock, valued at $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ArcBest

A number of hedge funds have recently made changes to their positions in ARCB. Alliancebernstein L.P. increased its position in ArcBest by 9.4% during the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company's stock valued at $240,011,000 after purchasing an additional 220,325 shares during the period. JPMorgan Chase & Co. increased its position in shares of ArcBest by 47.2% during the fourth quarter. JPMorgan Chase & Co. now owns 326,006 shares of the transportation company's stock worth $30,423,000 after buying an additional 104,499 shares during the period. American Century Companies Inc. increased its position in shares of ArcBest by 16.3% during the fourth quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company's stock worth $57,758,000 after buying an additional 86,867 shares during the period. Eisler Capital Management Ltd. bought a new position in ArcBest during the fourth quarter worth $7,695,000. Finally, Norges Bank acquired a new position in ArcBest in the fourth quarter valued at $5,826,000. 99.27% of the stock is currently owned by institutional investors.

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.