Intech Investment Management LLC Buys 5,161 Shares of ArcBest Co. (NASDAQ:ARCB)

Intech Investment Management LLC boosted its position in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 92.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,753 shares of the transportation company's stock after buying an additional 5,161 shares during the period. Intech Investment Management LLC's holdings in ArcBest were worth $1,166,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in ArcBest by 54.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company's stock valued at $2,945,000 after buying an additional 7,291 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of ArcBest by 235.3% in the first quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company's stock worth $4,771,000 after acquiring an additional 23,497 shares during the last quarter. Impala Asset Management LLC acquired a new stake in shares of ArcBest in the 2nd quarter valued at approximately $2,409,000. Point72 DIFC Ltd bought a new stake in shares of ArcBest during the 2nd quarter valued at approximately $641,000. Finally, Semanteon Capital Management LP acquired a new position in ArcBest during the 3rd quarter worth approximately $1,178,000. 99.27% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Michael E. Newcity sold 10,443 shares of the 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 completion of the sale, the senior vice president now directly owns 5,051 shares of the company's stock, valued at approximately $609,150.60. This trade represents a 67.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Craig E. Philip sold 3,900 shares of the business's stock in a transaction 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 completion of 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 position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

ArcBest Price Performance

Shares of ARCB opened at $113.05 on Wednesday. The business's fifty day moving average is $107.37 and its 200 day moving average is $108.34. ArcBest Co. has a 12-month low of $94.76 and a 12-month high of $153.60. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The stock has a market cap of $2.65 billion, a P/E ratio of 13.96, a P/E/G ratio of 2.11 and a beta of 1.47.

ArcBest (NASDAQ:ARCB - Get Free Report) last released 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 during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the business posted $2.31 earnings per share. The firm's quarterly revenue was down 5.8% on a year-over-year basis. Sell-side analysts anticipate that ArcBest Co. will post 6.19 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared 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. This represents a $0.48 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Wednesday, November 13th. ArcBest's payout ratio is currently 5.93%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Jefferies Financial Group decreased their target price on shares of ArcBest from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, October 10th. Citigroup upped their target price on ArcBest from $110.00 to $127.00 and gave the stock a "neutral" rating in a report on Tuesday, November 12th. TD Cowen lowered ArcBest from a "buy" rating to a "hold" rating and cut their price target for the company from $131.00 to $114.00 in a research note on Monday, October 14th. UBS Group reduced their price target on ArcBest from $111.00 to $110.00 and set a "neutral" rating on the stock in a report on Monday, November 4th. Finally, StockNews.com upgraded shares of ArcBest from a "hold" rating to a "buy" rating in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price 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.