ArcBest (NASDAQ:ARCB) Insider Sells $787,680.00 in Stock

ArcBest Corporation (NASDAQ:ARCB) insider Ralph Edward Sorg sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $131.28, for a total transaction of $787,680.00. Following the completion of the sale, the insider directly owned 16,624 shares in the company, valued at approximately $2,182,398.72. This trade represents a 26.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

ArcBest Stock Down 1.0%

ARCB opened at $134.58 on Friday. The company has a 50 day moving average of $131.10 and a 200 day moving average of $126.23. The company has a market cap of $2.97 billion, a PE ratio of 23.93, a price-to-earnings-growth ratio of 0.38 and a beta of 1.71. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.08.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Wednesday, November 4th. The transportation company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.12. ArcBest had a net margin of 0.66% and a return on equity of 9.93%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the business earned $1.46 EPS. ArcBest’s revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts expect that ArcBest Corporation will post 7.42 EPS for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. ArcBest’s dividend payout ratio is currently 37.80%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its holdings in shares of ArcBest by 51.3% in the third quarter. Parallel Advisors LLC now owns 466 shares of the transportation company’s stock worth $59,000 after purchasing an additional 158 shares during the period. C M Bidwell & Associates Ltd. purchased a new stake in shares of ArcBest in the second quarter worth $74,000. Nykredit A S bought a new stake in ArcBest during the second quarter valued at $75,000. Northwestern Mutual Wealth Management Co. bought a new stake in ArcBest during the second quarter valued at $92,000. Finally, PNC Financial Services Group Inc. boosted its stake in ArcBest by 8.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company’s stock valued at $175,000 after buying an additional 134 shares during the period. 99.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ARCB has been the subject of several recent research reports. Zacks Research cut ArcBest from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded ArcBest from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. TD Cowen dropped their price objective on ArcBest from $155.00 to $146.00 and set a “hold” rating on the stock in a report on Wednesday, November 4th. Truist Financial cut their target price on ArcBest from $165.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Finally, JPMorgan Chase & Co. raised their target price on ArcBest from $158.00 to $164.00 and gave the stock a “neutral” rating in a research note on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $153.54.

About ArcBest

ArcBest Corporation is a transportation and logistics company headquartered in Fort Smith, Arkansas. Its services include less-than-truckload freight through ABF Freight, as well as truckload, expedited transportation, freight brokerage, managed transportation and other supply chain solutions. The company serves businesses across North America and supports shipments to and from international markets through its transportation and logistics network. ArcBest traces its roots to 1923, when its predecessor began providing freight transportation services in Arkansas.