FMR LLC trimmed its holdings in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 4.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,419,973 shares of the transportation company's stock after selling 64,011 shares during the period. FMR LLC owned about 6.07% of ArcBest worth $153,996,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Westwood Holdings Group Inc. increased its position in shares of ArcBest by 34.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company's stock worth $62,509,000 after purchasing an additional 150,467 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of ArcBest by 158.7% in the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company's stock valued at $20,558,000 after acquiring an additional 117,774 shares in the last quarter. Emerald Advisers LLC acquired a new stake in ArcBest during the second quarter valued at approximately $6,812,000. Mutual of America Capital Management LLC lifted 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 valued at $6,789,000 after purchasing an additional 59,322 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of ArcBest in the 2nd quarter valued at approximately $5,630,000. Institutional investors and hedge funds own 99.27% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of ArcBest from $130.00 to $117.00 and set a "neutral" rating for the company in a research report on Monday, November 4th. Wolfe Research lowered shares of ArcBest from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, October 9th. StockNews.com upgraded shares of ArcBest from a "hold" rating to a "buy" rating in a research note on Thursday, October 3rd. Morgan Stanley decreased their price target 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, Wells Fargo & Company reduced their price objective on shares of ArcBest from $112.00 to $105.00 and set an "equal weight" rating for the company in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, ArcBest has a consensus rating of "Hold" and an average target price of $124.50.
View Our Latest Analysis on ArcBest
ArcBest Stock Performance
NASDAQ ARCB traded down $0.77 during trading hours on Wednesday, hitting $108.06. The company's stock had a trading volume of 336,803 shares, compared to its average volume of 285,764. ArcBest Co. has a 12 month low of $94.76 and a 12 month high of $153.60. The company's 50 day simple moving average is $107.34 and its two-hundred day simple moving average is $108.19. The company has a market cap of $2.53 billion, a P/E ratio of 13.34, 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 current ratio of 1.04 and a quick ratio of 1.04.
ArcBest (NASDAQ:ARCB - Get Free Report) last posted 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 company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.07 billion. During the same period in the previous year, the firm earned $2.31 earnings per share. The firm's quarterly revenue was down 5.8% on a year-over-year basis. As a group, sell-side analysts expect that ArcBest Co. will post 6.19 EPS for the current fiscal year.
ArcBest Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Wednesday, November 13th. ArcBest's payout ratio is currently 5.93%.
Insider Activity at ArcBest
In other news, Director Craig E. Philip sold 3,900 shares of the firm's stock in a transaction that occurred 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 transaction, the director now owns 23,250 shares in the company, valued at $2,555,407.50. This trade represents a 14.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total value of $1,259,425.80. Following the completion of the sale, the senior vice president now directly 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 disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.
ArcBest Profile
(
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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