Wells Fargo & Company MN raised its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 49.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,501 shares of the transportation company’s stock after acquiring an additional 9,068 shares during the period. Wells Fargo & Company MN owned approximately 0.11% of ArcBest Corporation worth $566,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Pacad Investment Ltd. increased its position in shares of ArcBest Corporation by 34.1% during the second quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock valued at $122,000 after acquiring an additional 1,500 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of ArcBest Corporation by 61.6% during the second quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock valued at $160,000 after acquiring an additional 2,957 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of ArcBest Corporation by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock valued at $202,000 after purchasing an additional 100 shares in the last quarter. Marshall Wace North America L.P. acquired a new position in shares of ArcBest Corporation in the second quarter valued at approximately $236,000. Finally, Arizona State Retirement System grew its holdings in shares of ArcBest Corporation by 0.8% in the second quarter. Arizona State Retirement System now owns 12,516 shares of the transportation company’s stock valued at $258,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 85.08% of the company’s stock.
ARCB has been the subject of a number of research reports. Cowen and Company cut shares of ArcBest Corporation from an “outperform” rating to a “market perform” rating in a report on Monday, October 16th. Zacks Investment Research cut shares of ArcBest Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Morgan Stanley restated an “equal weight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of ArcBest Corporation in a report on Thursday, October 5th. Deutsche Bank AG restated a “hold” rating and issued a $29.00 price objective (up previously from $26.00) on shares of ArcBest Corporation in a report on Wednesday, August 9th. Finally, TheStreet upgraded shares of ArcBest Corporation from a “c” rating to a “b-” rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $30.86.
ArcBest Corporation (NASDAQ ARCB) opened at $31.95 on Friday. ArcBest Corporation has a 12 month low of $16.95 and a 12 month high of $34.45. The company has a quick ratio of 1.24, a current ratio of 1.26 and a debt-to-equity ratio of 0.33. The stock has a market cap of $819.10, a P/E ratio of 25.98 and a beta of 1.78.
ArcBest Corporation (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. ArcBest Corporation had a net margin of 0.88% and a return on equity of 5.34%. The company had revenue of $744.30 million during the quarter, compared to the consensus estimate of $750.16 million. During the same quarter in the previous year, the firm earned $0.48 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. equities research analysts forecast that ArcBest Corporation will post 1.29 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Tuesday, November 14th will be paid a $0.08 dividend. The ex-dividend date is Monday, November 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. ArcBest Corporation’s dividend payout ratio is currently 34.41%.
In related news, COO James A. Ingram sold 6,918 shares of ArcBest Corporation stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $27.14, for a total value of $187,754.52. Following the completion of the transaction, the chief operating officer now owns 43,500 shares in the company, valued at $1,180,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael R. Johns sold 6,593 shares of ArcBest Corporation stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $29.98, for a total transaction of $197,658.14. Following the completion of the transaction, the vice president now owns 35,700 shares of the company’s stock, valued at approximately $1,070,286. The disclosure for this sale can be found here. Insiders sold 14,281 shares of company stock valued at $408,513 in the last quarter. 0.97% of the stock is owned by insiders.
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ArcBest Corporation Company Profile
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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