ArcBest Co. (NASDAQ:ARCB) Position Reduced by Victory Capital Management Inc.

Victory Capital Management Inc. cut its stake in ArcBest Co. (NASDAQ:ARCB - Free Report) by 19.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 219,475 shares of the transportation company's stock after selling 51,813 shares during the period. Victory Capital Management Inc. owned approximately 0.93% of ArcBest worth $23,802,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ARCB. ProShare Advisors LLC lifted its position in shares of ArcBest by 7.1% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the transportation company's stock valued at $706,000 after acquiring an additional 330 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of ArcBest by 13.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 7,848 shares of the transportation company's stock worth $1,118,000 after purchasing an additional 960 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of ArcBest by 19.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 3,231 shares of the transportation company's stock worth $460,000 after buying an additional 529 shares in the last quarter. Seven Eight Capital LP purchased a new position in shares of ArcBest during the first quarter valued at approximately $290,000. Finally, UniSuper Management Pty Ltd purchased a new position in shares of ArcBest during the first quarter valued at approximately $666,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ArcBest

In related news, SVP Michael E. Newcity sold 10,443 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 owns 5,051 shares in the company, valued at $609,150.60. This trade represents a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.18% of the stock is currently owned by company insiders.

ArcBest Stock Performance

ARCB stock traded down $0.54 during trading on Tuesday, hitting $107.71. 187,762 shares of the company's stock traded hands, compared to its average volume of 288,547. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 2.03 and a beta of 1.47. ArcBest Co. has a 52 week low of $94.76 and a 52 week high of $153.60. The stock has a fifty day moving average price of $106.31 and a two-hundred day moving average price 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 (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the company earned $2.31 EPS. ArcBest's quarterly revenue was down 5.8% on a year-over-year basis. As a group, equities analysts anticipate that ArcBest Co. will post 6.19 EPS 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 given a $0.12 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $0.48 annualized dividend and a yield of 0.45%. ArcBest's dividend payout ratio is presently 5.93%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ARCB shares. Bank of America reduced their price target on ArcBest from $102.00 to $99.00 and set an "underperform" rating on the stock in a research note on Wednesday, September 4th. Citigroup lifted their price target on ArcBest from $110.00 to $127.00 and gave the company a "neutral" rating in a report on Tuesday, November 12th. Stephens reissued an "overweight" rating and issued a $130.00 target price on shares of ArcBest in a research report on Wednesday, September 4th. Wells Fargo & Company lowered their price target on ArcBest from $112.00 to $105.00 and set an "equal weight" rating for the company in a research report on Monday, November 4th. Finally, Jefferies Financial Group lowered their price target on ArcBest from $140.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, ArcBest has an average rating of "Hold" and an average price target of $124.50.

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.