Citigroup Inc. lifted its position in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 91.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,313 shares of the transportation company's stock after purchasing an additional 21,606 shares during the period. Citigroup Inc. owned about 0.19% of ArcBest worth $4,914,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Westwood Holdings Group Inc. grew its stake in shares of ArcBest by 34.7% during 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 in the last quarter. American Century Companies Inc. grew its stake in ArcBest by 4.0% during the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company's stock valued at $56,267,000 after purchasing an additional 20,115 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ArcBest by 5.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company's stock worth $44,927,000 after purchasing an additional 21,905 shares during the last quarter. Marshall Wace LLP raised its position in shares of ArcBest by 158.7% in the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company's stock valued at $20,558,000 after purchasing an additional 117,774 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of ArcBest by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company's stock valued at $16,141,000 after buying an additional 1,214 shares during the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at ArcBest
In related news, SVP Michael E. Newcity sold 10,443 shares of the business's stock in a transaction that occurred 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 $609,150.60. The trade was a 67.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 of the company's stock, valued at $2,555,407.50. This represents a 14.36 % decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on ARCB shares. The Goldman Sachs Group cut their price target on shares of ArcBest from $133.00 to $125.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. TD Cowen lowered 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. JPMorgan Chase & Co. decreased their price target on ArcBest from $130.00 to $117.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. StockNews.com upgraded ArcBest from a "hold" rating to a "buy" rating in a research note on Thursday, October 3rd. Finally, Citigroup lifted their target price on ArcBest from $110.00 to $127.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, ArcBest has a consensus rating of "Hold" and a consensus target price of $124.50.
Check Out Our Latest Research Report on ARCB
ArcBest Stock Performance
Shares of ARCB traded down $2.38 during midday trading on Tuesday, hitting $108.83. 236,643 shares of the stock traded hands, compared to its average volume of 278,004. The business's 50 day moving average price is $107.41 and its two-hundred day moving average price is $108.19. The firm has a market capitalization of $2.55 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 2.08 and a beta of 1.49. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60.
ArcBest (NASDAQ:ARCB - Get Free Report) last posted its earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) 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 firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the previous year, the firm earned $2.31 earnings per share. The company's revenue for the quarter was down 5.8% on a year-over-year basis. Equities research analysts predict that ArcBest Co. will post 6.19 EPS for the current fiscal year.
ArcBest Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Wednesday, November 13th. ArcBest's dividend payout ratio is currently 5.93%.
ArcBest Company Profile
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Free Report)
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.
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