State Street Corp Grows Stock Position in ArcBest Co. (NASDAQ:ARCB)

State Street Corp grew its position in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 1.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 957,410 shares of the transportation company's stock after purchasing an additional 17,542 shares during the quarter. State Street Corp owned approximately 4.09% of ArcBest worth $103,831,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. boosted its holdings in ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company's stock valued at $62,509,000 after acquiring an additional 150,467 shares during the last quarter. Marshall Wace LLP increased its position in shares of ArcBest by 158.7% during the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company's stock worth $20,558,000 after buying an additional 117,774 shares during the period. Emerald Advisers LLC bought a new position in ArcBest during the second quarter worth $6,812,000. Mutual of America Capital Management LLC raised its stake in ArcBest by 1,455.0% during the second quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company's stock worth $6,789,000 after buying an additional 59,322 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in ArcBest during the second quarter valued at $5,630,000. 99.27% of the stock is owned by institutional investors.

ArcBest Price Performance

Shares of ARCB stock traded down $0.10 on Monday, reaching $108.47. The company's stock had a trading volume of 225,553 shares, compared to its average volume of 284,135. The company has a market capitalization of $2.54 billion, a P/E ratio of 13.39, a PEG ratio of 2.56 and a beta of 1.49. ArcBest Co. has a 12-month low of $94.76 and a 12-month high of $153.60. The stock's 50 day simple moving average is $108.04 and its 200-day simple moving average is $108.36. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09.

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

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were paid a $0.12 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. ArcBest's dividend payout ratio is presently 5.93%.

Insider Transactions at ArcBest

In other news, SVP Michael E. Newcity sold 10,443 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the transaction, the senior vice president now directly owns 5,051 shares in the company, valued at approximately $609,150.60. This represents a 67.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig E. Philip sold 3,900 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $109.91, for a total value of $428,649.00. Following the transaction, the director now directly owns 23,250 shares in the company, valued at approximately $2,555,407.50. This represents a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.65% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ARCB shares. JPMorgan Chase & Co. lowered their price objective on ArcBest from $130.00 to $117.00 and set a "neutral" rating for the company in a research report on Monday, November 4th. Bank of America cut their price target on ArcBest from $102.00 to $99.00 and set an "underperform" rating on the stock in a report on Wednesday, September 4th. StockNews.com raised shares of ArcBest from a "hold" rating to a "buy" rating in a research report on Thursday, October 3rd. Morgan Stanley dropped 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. Finally, Jefferies Financial Group reduced their price target on shares of ArcBest from $140.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, ArcBest currently has a consensus rating of "Hold" and an average price target of $124.50.

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.