ArcBest Corporation (ARCB) VP Steven Carrol Leonard Sells 770 Shares of Stock
ArcBest Corporation (NASDAQ:ARCB) VP Steven Carrol Leonard sold 770 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $30.00, for a total transaction of $23,100.00. Following the sale, the vice president now owns 15,700 shares of the company’s stock, valued at approximately $471,000. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
ArcBest Corporation (NASDAQ:ARCB) traded up 0.67% during mid-day trading on Friday, hitting $30.05. 173,337 shares of the stock traded hands. The stock has a 50-day moving average of $26.30 and a 200 day moving average of $24.11. ArcBest Corporation has a 1-year low of $16.95 and a 1-year high of $33.95. The firm has a market cap of $772.47 million, a price-to-earnings ratio of 34.74 and a beta of 1.70.
ArcBest Corporation (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.09. ArcBest Corporation had a net margin of 0.83% and a return on equity of 4.92%. The company had revenue of $720.40 million during the quarter, compared to the consensus estimate of $721.11 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities analysts expect that ArcBest Corporation will post $1.31 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.06%. The ex-dividend date was Friday, August 4th. ArcBest Corporation’s payout ratio is currently 37.21%.
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A number of brokerages recently weighed in on ARCB. Stifel Nicolaus reiterated a “hold” rating on shares of ArcBest Corporation in a research note on Thursday, August 3rd. Deutsche Bank AG reiterated a “hold” rating and set a $29.00 price target (up previously from $26.00) on shares of ArcBest Corporation in a research note on Wednesday, August 9th. TheStreet upgraded shares of ArcBest Corporation from a “c” rating to a “b-” rating in a research note on Friday, July 28th. Buckingham Research began coverage on shares of ArcBest Corporation in a research note on Monday, August 21st. They set a “neutral” rating and a $29.00 price target for the company. Finally, Cowen and Company increased their price target on shares of ArcBest Corporation from $24.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. ArcBest Corporation presently has a consensus rating of “Hold” and a consensus price target of $28.00.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in ArcBest Corporation by 18,670.6% in the first quarter. BlackRock Inc. now owns 3,328,407 shares of the transportation company’s stock worth $86,539,000 after purchasing an additional 3,310,675 shares during the period. Vanguard Group Inc. lifted its holdings in ArcBest Corporation by 3.9% in the second quarter. Vanguard Group Inc. now owns 2,216,925 shares of the transportation company’s stock worth $45,669,000 after purchasing an additional 83,738 shares during the period. JPMorgan Chase & Co. lifted its holdings in ArcBest Corporation by 3.1% in the second quarter. JPMorgan Chase & Co. now owns 2,192,311 shares of the transportation company’s stock worth $45,161,000 after purchasing an additional 65,211 shares during the period. Bank of New York Mellon Corp lifted its holdings in ArcBest Corporation by 41.7% in the first quarter. Bank of New York Mellon Corp now owns 1,056,395 shares of the transportation company’s stock worth $27,467,000 after purchasing an additional 310,688 shares during the period. Finally, State Street Corp lifted its holdings in ArcBest Corporation by 6.0% in the first quarter. State Street Corp now owns 712,078 shares of the transportation company’s stock worth $18,514,000 after purchasing an additional 40,128 shares during the period. 85.83% of the stock is owned by institutional investors and hedge funds.
About ArcBest Corporation
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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