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

ArcBest Co. (NASDAQ:ARCB - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $104.18, but opened at $101.18. ArcBest shares last traded at $102.32, with a volume of 34,645 shares changing hands.

Analyst Upgrades and Downgrades

ARCB has been the subject of several recent analyst reports. Stephens reiterated an "overweight" rating and set a $130.00 price objective on shares of ArcBest in a research note on Wednesday, September 4th. Bank of America dropped their price target on ArcBest from $102.00 to $99.00 and set an "underperform" rating on the stock in a research note on Wednesday, September 4th. JPMorgan Chase & Co. lowered their target price on shares of ArcBest from $134.00 to $133.00 and set a "neutral" rating for the company in a research note on Friday, September 6th. Wolfe Research lowered shares of ArcBest from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, October 9th. Finally, TD Cowen lowered ArcBest from a "buy" rating to a "hold" rating and cut their price objective for the company from $131.00 to $114.00 in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ArcBest has a consensus rating of "Hold" and an average price target of $126.92.

ArcBest Trading Down 4.0 %

The company has a fifty day simple moving average of $104.90 and a two-hundred day simple moving average of $110.77. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. The company has a market cap of $2.37 billion, a PE ratio of 19.34, a P/E/G ratio of 1.40 and a beta of 1.46.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the business earned $1.54 EPS. The firm's revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that ArcBest Co. will post 6.89 EPS for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.48%. ArcBest's dividend payout ratio (DPR) is currently 9.07%.

Insider Buying and Selling

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of the business's stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the purchase, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.65% of the company's stock.

Institutional Trading of ArcBest

Institutional investors have recently modified their holdings of the stock. Quarry LP raised its stake in ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company's stock worth $26,000 after acquiring an additional 134 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of ArcBest during the second quarter worth about $33,000. Quest Partners LLC acquired a new stake in shares of ArcBest during the second quarter worth about $36,000. Cultivar Capital Inc. purchased a new stake in shares of ArcBest in the 2nd quarter valued at about $43,000. Finally, Mather Group LLC. acquired a new stake in shares of ArcBest in the 2nd quarter valued at about $46,000. Hedge funds and other institutional investors 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.