JPMorgan Chase & Co. Has $24.02 Million Position in ArcBest Co. (NASDAQ:ARCB)

JPMorgan Chase & Co. lifted its holdings in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 24.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 221,507 shares of the transportation company's stock after acquiring an additional 43,707 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.95% of ArcBest worth $24,022,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. State Street Corp boosted its position in ArcBest by 1.9% during the third quarter. State Street Corp now owns 957,410 shares of the transportation company's stock worth $103,831,000 after purchasing an additional 17,542 shares during the period. Westwood Holdings Group Inc. boosted its holdings in shares of ArcBest by 34.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company's stock worth $62,509,000 after buying an additional 150,467 shares during the period. Geode Capital Management LLC grew its stake in ArcBest by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 551,821 shares of the transportation company's stock valued at $59,856,000 after buying an additional 3,475 shares during the last quarter. American Century Companies Inc. raised its holdings in ArcBest by 4.0% in the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company's stock valued at $56,267,000 after acquiring an additional 20,115 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in ArcBest by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company's stock worth $44,927,000 after acquiring an additional 21,905 shares during the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on ArcBest from $130.00 to $117.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company lowered their price target on shares of ArcBest from $115.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Morgan Stanley decreased their target price on shares of ArcBest from $175.00 to $170.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. Jefferies Financial Group dropped their price target on shares of ArcBest from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, October 10th. Finally, TD Cowen downgraded ArcBest from a "buy" rating to a "hold" rating and reduced their price target for the stock from $131.00 to $114.00 in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $124.50.

Insider Activity

In related news, Director Craig E. Philip sold 3,900 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the sale, the director now directly owns 23,250 shares in the company, valued at $2,555,407.50. This represents a 14.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the transaction, the senior vice president now directly owns 5,051 shares in the company, valued at $609,150.60. The trade was a 67.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

ArcBest Price Performance

ArcBest stock traded down $0.67 during midday trading on Thursday, reaching $94.61. The company's stock had a trading volume of 222,393 shares, compared to its average volume of 248,399. The stock has a market cap of $2.21 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 2.56 and a beta of 1.53. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. ArcBest Co. has a 52 week low of $91.01 and a 52 week high of $153.60. The business has a 50-day moving average price of $105.34 and a 200-day moving average price of $107.09.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.20). The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. ArcBest's revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.31 EPS. On average, sell-side analysts predict that ArcBest Co. will post 6.06 EPS for the current year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.48 annualized dividend and a yield of 0.51%. ArcBest's dividend payout ratio is presently 5.93%.

ArcBest Company Profile

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.