ArcBest Co. (NASDAQ:ARCB) Expected to Post Quarterly Sales of $920.00 Million

Analysts expect ArcBest Co. (NASDAQ:ARCB) to post sales of $920.00 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for ArcBest’s earnings. The lowest sales estimate is $893.60 million and the highest is $946.40 million. ArcBest reported sales of $627.37 million during the same quarter last year, which would suggest a positive year over year growth rate of 46.6%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, August 4th.

On average, analysts expect that ArcBest will report full year sales of $3.48 billion for the current year, with estimates ranging from $3.35 billion to $3.62 billion. For the next financial year, analysts forecast that the firm will report sales of $3.66 billion, with estimates ranging from $3.55 billion to $3.81 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover ArcBest.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Monday, May 3rd. The transportation company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.42. The business had revenue of $829.21 million for the quarter, compared to analyst estimates of $801.09 million. ArcBest had a return on equity of 12.68% and a net margin of 3.02%. ArcBest’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 EPS.

A number of research analysts have commented on ARCB shares. The Goldman Sachs Group lowered ArcBest from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $83.00 to $71.00 in a research report on Monday. Stephens increased their price target on ArcBest from $60.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, April 7th. Truist Securities increased their price target on ArcBest from $55.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, April 15th. Vertical Research raised ArcBest from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Tuesday. Finally, Cowen increased their price target on ArcBest from $72.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, May 5th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $69.15.

ARCB traded up $1.11 during mid-day trading on Tuesday, reaching $59.65. The stock had a trading volume of 5,154 shares, compared to its average volume of 273,545. The company has a market cap of $1.51 billion, a PE ratio of 17.33, a P/E/G ratio of 0.81 and a beta of 1.84. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.24. The stock has a fifty day moving average price of $75.53. ArcBest has a 52 week low of $22.18 and a 52 week high of $93.96.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 27th. Investors of record on Thursday, May 13th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.54%. The ex-dividend date was Wednesday, May 12th. ArcBest’s payout ratio is presently 9.91%.

In other ArcBest news, Director Steven Spinner sold 12,000 shares of ArcBest stock in a transaction dated Tuesday, May 25th. The stock was sold at an average price of $76.80, for a total value of $921,600.00. Following the sale, the director now owns 23,100 shares of the company’s stock, valued at approximately $1,774,080. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathleen D. Mcelligott sold 5,000 shares of ArcBest stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $71.57, for a total value of $357,850.00. Following the completion of the sale, the director now directly owns 19,600 shares in the company, valued at approximately $1,402,772. The disclosure for this sale can be found here. Insiders have sold a total of 108,536 shares of company stock worth $8,929,554 in the last ninety days. 1.98% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Paloma Partners Management Co acquired a new stake in shares of ArcBest in the 1st quarter valued at about $240,000. Voloridge Investment Management LLC raised its stake in shares of ArcBest by 114.2% in the 1st quarter. Voloridge Investment Management LLC now owns 41,201 shares of the transportation company’s stock valued at $2,899,000 after purchasing an additional 21,968 shares during the period. Bluefin Capital Management LLC acquired a new stake in shares of ArcBest in the 1st quarter valued at about $1,759,000. Morgan Stanley raised its stake in shares of ArcBest by 3.9% in the 1st quarter. Morgan Stanley now owns 192,669 shares of the transportation company’s stock valued at $13,558,000 after purchasing an additional 7,165 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of ArcBest by 10.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,214 shares of the transportation company’s stock valued at $930,000 after purchasing an additional 1,301 shares during the period. 88.42% of the stock is currently owned by hedge funds and other institutional investors.

About ArcBest

ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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