Sequoia Financial Advisors LLC Invests $221,000 in ArcBest Corporation $ARCB

Sequoia Financial Advisors LLC bought a new position in shares of ArcBest Corporation (NASDAQ:ARCB) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,867 shares of the transportation company’s stock, valued at approximately $221,000.

A number of other large investors also recently made changes to their positions in ARCB. Nuveen LLC bought a new position in shares of ArcBest during the first quarter worth approximately $18,460,000. Westwood Holdings Group Inc. increased its stake in shares of ArcBest by 36.7% during the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock worth $61,353,000 after purchasing an additional 233,409 shares during the period. Ancora Advisors LLC increased its stake in shares of ArcBest by 1,812.9% during the first quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock worth $14,440,000 after purchasing an additional 193,892 shares during the period. Federated Hermes Inc. bought a new position in shares of ArcBest during the first quarter worth approximately $9,202,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the period. Institutional investors own 99.27% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Morgan Stanley lowered their target price on ArcBest from $140.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, July 31st. Citigroup raised ArcBest from a “neutral” rating to a “buy” rating and increased their price target for the stock from $79.00 to $89.00 in a research report on Wednesday, October 8th. Zacks Research raised ArcBest to a “strong sell” rating in a research report on Monday, August 11th. Cowen reissued a “hold” rating on shares of ArcBest in a research report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. increased their price target on ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $90.00.

ArcBest Trading Down 3.5%

Shares of ARCB stock opened at $73.20 on Friday. The stock’s fifty day moving average price is $72.34 and its two-hundred day moving average price is $70.60. The company has a market cap of $1.66 billion, a PE ratio of 10.89, a P/E/G ratio of 1.41 and a beta of 1.66. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $123.25. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96.

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

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.