Royce & Associates LP Sells 7,061 Shares of ArcBest Co. (NASDAQ:ARCB)

Royce & Associates LP lowered its position in ArcBest Co. (NASDAQ:ARCB - Free Report) by 8.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 77,583 shares of the transportation company's stock after selling 7,061 shares during the quarter. Royce & Associates LP owned 0.33% of ArcBest worth $8,414,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Quarry LP raised its stake in shares of ArcBest by 120.7% in the second quarter. Quarry LP now owns 245 shares of the transportation company's stock valued at $26,000 after purchasing an additional 134 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of ArcBest in the 2nd quarter valued at $33,000. Quest Partners LLC bought a new position in shares of ArcBest during the 2nd quarter worth about $36,000. Cultivar Capital Inc. acquired a new stake in shares of ArcBest during the 2nd quarter valued at about $43,000. Finally, Mather Group LLC. acquired a new position in shares of ArcBest in the 2nd quarter worth approximately $46,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Analyst Upgrades and Downgrades

ARCB has been the subject of a number of analyst reports. Wolfe Research cut ArcBest from an "outperform" rating to a "peer perform" rating in a report on Wednesday, October 9th. Jefferies Financial Group reduced their price target on shares of ArcBest from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, October 10th. TD Cowen cut shares of ArcBest from a "buy" rating to a "hold" rating and cut their target price for the company from $131.00 to $114.00 in a research note on Monday, October 14th. Wells Fargo & Company dropped their price target on ArcBest from $112.00 to $105.00 and set an "equal weight" rating for the company in a report on Monday, November 4th. Finally, Stephens restated an "overweight" rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $124.50.

Insider Activity at ArcBest

In related news, SVP Michael E. Newcity sold 10,443 shares of the firm's stock in a transaction on 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 sale, the senior vice president now owns 5,051 shares of the company's stock, valued at approximately $609,150.60. This trade represents a 67.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.65% of the company's stock.

ArcBest Trading Down 0.1 %

NASDAQ ARCB traded down $0.14 during trading hours on Monday, hitting $108.25. The company's stock had a trading volume of 188,244 shares, compared to its average volume of 288,999. The stock has a fifty day moving average of $106.31 and a 200 day moving average of $108.64. 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 Co. has a twelve month low of $94.76 and a twelve month high of $153.60. The firm has a market capitalization of $2.53 billion, a P/E ratio of 13.55, a PEG ratio of 2.03 and a beta of 1.47.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing analysts' consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the company earned $2.31 EPS. The business's revenue for the quarter was down 5.8% compared to the same quarter last year. Equities research analysts forecast that ArcBest Co. will post 6.19 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Wednesday, November 13th. ArcBest's payout ratio is 5.93%.

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.