The Manufacturers Life Insurance Company Sells 19,882 Shares of ArcBest Co. (NASDAQ:ARCB)

The Manufacturers Life Insurance Company lowered its position in ArcBest Co. (NASDAQ:ARCB - Free Report) by 13.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,860 shares of the transportation company's stock after selling 19,882 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.56% of ArcBest worth $14,192,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Citigroup Inc. grew its holdings in shares of ArcBest by 91.1% in the 3rd quarter. Citigroup Inc. now owns 45,313 shares of the transportation company's stock worth $4,914,000 after acquiring an additional 21,606 shares during the period. Charles Schwab Investment Management Inc. grew 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 valued at $44,927,000 after buying an additional 21,905 shares during the last quarter. Intech Investment Management LLC grew its holdings in ArcBest by 92.3% during the 3rd quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company's stock valued at $1,166,000 after buying an additional 5,161 shares during the last quarter. Avior Wealth Management LLC grew its holdings in ArcBest by 17.9% during the 3rd quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company's stock valued at $68,000 after buying an additional 95 shares during the last quarter. Finally, Pathstone Holdings LLC grew its holdings in ArcBest by 14.4% during the 3rd quarter. Pathstone Holdings LLC now owns 20,439 shares of the transportation company's stock valued at $2,217,000 after buying an additional 2,574 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

Insider Buying and Selling at ArcBest

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were 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 directly owns 5,051 shares of the company's stock, valued at $609,150.60. The trade was a 67.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig E. Philip sold 3,900 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the completion of the transaction, the director now directly 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 disclosure for this sale can be found here. 1.65% of the stock is owned by corporate insiders.

ArcBest Price Performance

ARCB traded down $1.09 during trading on Monday, reaching $114.19. The stock had a trading volume of 48,755 shares, compared to its average volume of 284,919. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 2.16 and a beta of 1.47. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60. The stock has a 50 day moving average of $107.49 and a two-hundred day moving average of $108.25.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its earnings results 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). The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The business's revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter last year, the company earned $2.31 earnings per share. As a group, equities analysts anticipate that ArcBest Co. will post 6.19 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.42%. ArcBest's dividend payout ratio is currently 5.93%.

Analyst Ratings Changes

ARCB has been the topic of a number of analyst reports. UBS Group lowered their target price on ArcBest from $111.00 to $110.00 and set a "neutral" rating on the stock in a report on Monday, November 4th. Wolfe Research lowered ArcBest from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, October 9th. TD Cowen lowered ArcBest from a "buy" rating to a "hold" rating and cut their target price for the stock from $131.00 to $114.00 in a research report on Monday, October 14th. The Goldman Sachs Group dropped their target price on ArcBest from $133.00 to $125.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Finally, Morgan Stanley dropped their target price on ArcBest from $175.00 to $170.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target 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.