Voya Investment Management LLC Sells 645 Shares of ArcBest Co. (NASDAQ:ARCB)

Voya Investment Management LLC lowered its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 5.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 12,213 shares of the transportation company’s stock after selling 645 shares during the period. Voya Investment Management LLC’s holdings in ArcBest were worth $1,140,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of ArcBest by 24.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock valued at $24,022,000 after acquiring an additional 43,707 shares during the period. Barclays PLC grew its holdings in ArcBest by 342.5% during the third quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after purchasing an additional 33,386 shares during the period. Victory Capital Management Inc. increased its position in ArcBest by 6.0% in the fourth quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock worth $21,709,000 after buying an additional 13,152 shares during the last quarter. Sanctuary Advisors LLC raised its stake in shares of ArcBest by 7.4% in the fourth quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company’s stock valued at $419,000 after buying an additional 306 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in shares of ArcBest by 41.5% during the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company’s stock valued at $298,000 after buying an additional 935 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ARCB shares. UBS Group lowered their price objective on ArcBest from $100.00 to $64.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. Bank of America lowered their price target on shares of ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 12th. Stifel Nicolaus cut their price objective on shares of ArcBest from $102.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Stephens reissued an “overweight” rating and set a $116.00 target price on shares of ArcBest in a report on Tuesday, March 11th. Finally, Morgan Stanley dropped their target price on ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $88.75.

Insider Activity at ArcBest

In other news, CFO John Matthew Beasley bought 700 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $74.89 per share, with a total value of $52,423.00. Following the completion of the purchase, the chief financial officer now directly owns 8,142 shares in the company, valued at $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.28% of the stock is owned by insiders.

ArcBest Price Performance

ArcBest stock opened at $60.96 on Tuesday. The business has a 50-day simple moving average of $67.69 and a 200 day simple moving average of $89.46. ArcBest Co. has a 52 week low of $55.19 and a 52 week high of $129.83. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 1.70 and a beta of 1.70. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The company had revenue of $967.08 million during the quarter, compared to the consensus estimate of $990.03 million. During the same quarter last year, the company posted $1.34 earnings per share. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. On average, research analysts forecast that ArcBest Co. will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Friday, May 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Friday, May 9th. ArcBest’s dividend payout ratio is currently 6.35%.

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.