Insider Buying: ArcBest Co. (NASDAQ:ARCB) CFO Acquires $52,423.00 in Stock

ArcBest Co. (NASDAQ:ARCB) CFO John Matthew Beasley acquired 700 shares of the stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $74.89 per share, with a total value of $52,423.00. Following the transaction, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. The trade was a 9.41 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

ArcBest Price Performance

Shares of ARCB stock opened at $73.35 on Friday. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.70 and a beta of 1.54. The business’s fifty day moving average is $90.03 and its 200 day moving average is $99.98. ArcBest Co. has a twelve month low of $70.96 and a twelve month high of $153.61. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, topping the consensus estimate 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 business earned $2.47 EPS. Research analysts expect that ArcBest Co. will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.65%. ArcBest’s dividend payout ratio is currently 6.55%.

Analyst Ratings Changes

Several brokerages have weighed in on ARCB. Citigroup lowered their price objective on ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. The Goldman Sachs Group lowered their price objective on ArcBest from $126.00 to $108.00 and set a “neutral” rating for the company in a research report on Friday. Truist Financial began coverage on ArcBest in a research note on Thursday. They set a “buy” rating and a $93.00 target price on the stock. Stifel Nicolaus boosted their target price on ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Finally, Morgan Stanley reduced their target price on ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, ArcBest presently has an average rating of “Hold” and a consensus price target of $108.33.

Institutional Investors Weigh In On ArcBest

A number of institutional investors have recently modified their holdings of ARCB. Alliancebernstein L.P. grew its stake in shares of ArcBest by 9.4% in the fourth quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock worth $240,011,000 after acquiring an additional 220,325 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of ArcBest by 47.2% in the fourth quarter. JPMorgan Chase & Co. now owns 326,006 shares of the transportation company’s stock worth $30,423,000 after acquiring an additional 104,499 shares during the last quarter. American Century Companies Inc. lifted its holdings 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 valued at $57,758,000 after purchasing an additional 86,867 shares in the last quarter. Eisler Capital Management Ltd. bought a new position in shares of ArcBest during the fourth quarter valued at $7,695,000. Finally, Norges Bank bought a new position in shares of ArcBest during the fourth quarter valued at $5,826,000. 99.27% of the stock is owned by hedge funds and other 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.