ArcBest (NASDAQ:ARCB) reports quarterly earnings results, beating estimates by $0.95 a share
ArcBest (NASDAQ:ARCB received rating) released its quarterly earnings data on Friday. The transportation company reported earnings per share of $3.08 for the quarter, beating the consensus estimate of $2.13 by $0.95. MarketWatch Earnings reports. ArcBest had a return on equity of 24.57% and a net margin of 5.36%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.26 billion. In the same period last year, the company posted $1.01 per share. ArcBest’s quarterly revenue increased 61.0% year over year.
ArcBest stock fell $3.01 on Friday midday to hit $73.42. The stock had a trading volume of 11,223 shares compared to an average volume of 437,820. ArcBest has a 12-month low of $52.86 and a 12-month high of $125.00. The stock has a market cap of $1.81 billion, a P/E of 9.23, a price-to-earnings-to-growth ratio of 0.54 and a beta of 1.60. The company has a gearing ratio of 0.19, a quick ratio of 1.10 and a current ratio of 1.10. The stock’s 50-day simple moving average is $81.56 and the 200-day simple moving average is $93.33.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 25th. Investors of record will receive a dividend of $0.12 on Wednesday, May 11th. The ex-dividend date is Tuesday May 10th. That equates to an annual dividend of $0.48 and a yield of 0.65%. This is an increase from ArcBest’s previous quarterly dividend of $0.08. ArcBest’s Dividend Payout Ratio (DPR) is currently 4.01%.
In related news, on Monday, February 7, Director Michael P. Hogan acquired 1,771 shares of ArcBest in a transaction. The shares were purchased at an average price of $84.77 per share for a total transaction of $150,127.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also director Steven Spinner sold 5,000 shares of the company’s shares in a transaction dated Wednesday, February 9. The stock sold at an average price of $91.00 for a total value of $455,000.00. Disclosure for this sale can be found here. 1.68% of the shares are currently owned by company insiders.
Institutional investors and hedge funds recently changed their holdings in the company. BlackRock Inc. increased its stake in ArcBest by 1.0% during the fourth quarter. BlackRock Inc. now owns 4,152,529 shares of the transportation company’s stock valued at $497,679,000 after purchasing an additional 43,094 shares last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of ArcBest valued at approximately $25,000 during the fourth quarter. NewEdge Advisors LLC acquired a new position in shares of ArcBest valued at approximately $489,000 during the fourth quarter. Virtu Financial LLC acquired a new position in shares of ArcBest valued at approximately $928,000 during the fourth quarter. Finally, during the fourth quarter, Raleigh Capital Management Inc. acquired a new position in shares of ArcBest valued at approximately $36,000. Institutional investors own 92.18% of the company’s shares.
Several research companies have commented on ARCB. Bank of America downgraded ArcBest from a “buy” rating to a “neutral” rating and set a price target of $76.00 for the company. in a research report on Friday, April 8th. Zacks Investment Research ArcBest announced in a research report on Tuesday, April 5th. StockNews.com began reporting on ArcBest in a research report on Thursday, March 31st. They give the company a “buy” rating. Stifel Nicolaus increased his price target on ArcBest from $133.00 to $135.00 in a research report on Friday, February 4. Finally, Goldman Sachs Group raised its target price on ArcBest to $111.00 from $108.00 and gave the stock a neutral rating in a research report on Wednesday, February 2nd. Three analysts have rated the stock with a hold rating and seven with a buy rating. Based on data from MarketBeat, the company has a consensus rating of Buy and an average target price of $105.00.
About ArcBest (received rating)
ArcBest Corporation provides cargo transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest and FleetNet. The asset-based segment transports general commodities such as groceries, textiles, apparel, furniture, appliances, chemicals, petroleum products, rubber, plastics, metal and metal products, timber, glass, auto parts, machinery and various finished products through part-haulage services.
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