Principal Financial Group Inc. Has $12.15 Million Holdings in ArcBest Co. (NASDAQ:ARCB)

Principal Financial Group Inc. cut its holdings in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 17.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,020 shares of the transportation company's stock after selling 23,040 shares during the quarter. Principal Financial Group Inc. owned approximately 0.48% of ArcBest worth $12,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System increased its stake in shares of ArcBest by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company's stock worth $1,264,000 after purchasing an additional 100 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of ArcBest by 4.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,225 shares of the transportation company's stock worth $350,000 after purchasing an additional 124 shares during the last quarter. Johnson Investment Counsel Inc. increased its stake in shares of ArcBest by 6.5% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 2,095 shares of the transportation company's stock worth $224,000 after purchasing an additional 128 shares during the last quarter. Quarry LP increased its stake in shares of ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company's stock worth $26,000 after purchasing an additional 134 shares during the last quarter. Finally, SummerHaven Investment Management LLC increased its stake in shares of ArcBest by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 7,800 shares of the transportation company's stock worth $835,000 after purchasing an additional 148 shares during the last quarter. 99.27% of the stock is owned by institutional investors.

Insider Buying and Selling at ArcBest

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the company'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 value of $1,259,425.80. Following the completion of the transaction, the senior vice president now directly owns 5,051 shares in the company, valued at approximately $609,150.60. This represents a 67.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.65% of the company's stock.

ArcBest Price Performance

Shares of ArcBest stock traded down $0.14 on Monday, reaching $108.25. 188,242 shares of the stock were exchanged, compared to its average volume of 288,999. The firm's 50 day moving average is $106.31 and its 200-day moving average is $108.64. ArcBest Co. has a one year low of $94.76 and a one year high of $153.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $2.53 billion, a PE ratio of 13.55, a P/E/G ratio of 2.03 and a beta of 1.47.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.20). The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. ArcBest's revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.31 EPS. As a group, analysts anticipate that ArcBest Co. will post 6.19 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be 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 is Wednesday, November 13th. ArcBest's dividend payout ratio (DPR) is currently 5.93%.

Analyst Ratings Changes

ARCB has been the topic of several recent analyst reports. TD Cowen lowered shares of ArcBest from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $131.00 to $114.00 in a research note on Monday, October 14th. 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 note on Monday, November 4th. Bank of America decreased their price target on shares of ArcBest from $102.00 to $99.00 and set an "underperform" rating on the stock in a research note on Wednesday, September 4th. Stifel Nicolaus decreased their price target on shares of ArcBest from $131.00 to $119.00 and set a "buy" rating on the stock in a research note on Monday, October 21st. Finally, Citigroup upped their price target on shares of ArcBest from $110.00 to $127.00 and gave the company a "neutral" rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $124.50.

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.