Banque Pictet & Cie SA Sells 335 Shares of ArcBest Corporation $ARCB

Banque Pictet & Cie SA lessened its holdings in shares of ArcBest Corporation (NASDAQ:ARCB) by 6.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,983 shares of the transportation company’s stock after selling 335 shares during the quarter. Banque Pictet & Cie SA’s holdings in ArcBest were worth $384,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its stake in ArcBest by 23.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 41,971 shares of the transportation company’s stock valued at $3,232,000 after purchasing an additional 7,955 shares during the period. GAMMA Investing LLC raised its stake in ArcBest by 11.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock valued at $123,000 after purchasing an additional 168 shares during the period. Farther Finance Advisors LLC raised its stake in ArcBest by 433.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after purchasing an additional 312 shares during the period. Voya Investment Management LLC raised its stake in ArcBest by 21.0% during the 1st quarter. Voya Investment Management LLC now owns 14,780 shares of the transportation company’s stock valued at $1,043,000 after purchasing an additional 2,567 shares during the period. Finally, Strs Ohio bought a new stake in ArcBest during the 1st quarter valued at approximately $473,000. Institutional investors own 99.27% of the company’s stock.

ArcBest Price Performance

Shares of ArcBest stock opened at $68.46 on Friday. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 10.19, a price-to-earnings-growth ratio of 1.21 and a beta of 1.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a 50 day moving average price of $73.77 and a 200-day moving average price of $70.39. ArcBest Corporation has a one year low of $55.19 and a one year high of $123.25.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.12). The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.ArcBest’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.98 EPS. Equities analysts expect that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were issued a $0.12 dividend. The ex-dividend date was Friday, August 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. ArcBest’s payout ratio is 7.14%.

Wall Street Analyst Weigh In

ARCB has been the topic of several recent analyst reports. Jefferies Financial Group reissued a “buy” rating and set a $85.00 target price (up previously from $75.00) on shares of ArcBest in a research note on Tuesday, June 10th. JPMorgan Chase & Co. lifted their price objective on ArcBest from $75.00 to $89.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. The Goldman Sachs Group raised ArcBest from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $84.00 to $101.00 in a research note on Monday, June 2nd. Zacks Research raised ArcBest to a “strong sell” rating in a research note on Monday, August 11th. Finally, Bank of America raised ArcBest from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $63.00 to $74.00 in a research note on Tuesday, June 10th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $89.17.

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.