13,349 Shares in ArcBest Co. (NASDAQ:ARCB) Acquired by Heritage Oak Wealth Advisors LLC

Heritage Oak Wealth Advisors LLC acquired a new position in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,349 shares of the transportation company's stock, valued at approximately $1,448,000. Heritage Oak Wealth Advisors LLC owned about 0.06% of ArcBest at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ARCB. Westwood Holdings Group Inc. raised its position in 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. American Century Companies Inc. increased its stake in shares of ArcBest by 4.0% in the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company's stock valued at $56,267,000 after buying an additional 20,115 shares during the period. Marshall Wace LLP lifted its stake in shares of ArcBest by 158.7% during 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 during the period. Allspring Global Investments Holdings LLC boosted its holdings in ArcBest by 9.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company's stock valued at $23,537,000 after acquiring an additional 14,463 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in ArcBest by 0.8% in the second quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company's stock worth $16,141,000 after purchasing an additional 1,214 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Salvatore A. Abbate purchased 1,000 shares of the firm's stock in a transaction on Monday, August 12th. The shares were acquired at an average cost of $103.93 per share, with a total value of $103,930.00. Following the purchase, the director now directly owns 3,650 shares of the company's stock, valued at approximately $379,344.50. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.65% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Morgan Stanley cut their target price on ArcBest from $180.00 to $176.00 and set an "overweight" rating on the stock in a research note on Monday, July 8th. StockNews.com raised ArcBest from a "hold" rating to a "buy" rating in a research note on Thursday, October 3rd. The Goldman Sachs Group decreased their target price on ArcBest from $133.00 to $125.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. Citigroup assumed coverage on shares of ArcBest in a research report on Wednesday, October 9th. They set a "neutral" rating and a $111.00 price objective for the company. Finally, Bank of America lowered their price objective on shares of ArcBest from $102.00 to $99.00 and set an "underperform" rating on the stock in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, ArcBest currently has a consensus rating of "Hold" and an average price target of $126.92.

ArcBest Stock Performance

Shares of ArcBest stock traded up $2.18 during mid-day trading on Friday, hitting $103.78. 177,380 shares of the stock were exchanged, compared to its average volume of 284,997. The company has a market capitalization of $2.43 billion, a P/E ratio of 20.44, a P/E/G ratio of 1.28 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19. The company has a 50-day simple moving average of $105.20 and a 200 day simple moving average of $112.34. ArcBest Co. has a 12 month low of $86.93 and a 12 month high of $153.60.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The firm's revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 EPS. Sell-side analysts anticipate that ArcBest Co. will post 7.06 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest's dividend payout ratio (DPR) is currently 9.66%.

ArcBest 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.