JPMorgan Chase & Co. Sells 136,807 Shares of ArcBest Corporation $ARCB

JPMorgan Chase & Co. trimmed its position in shares of ArcBest Corporation (NASDAQ:ARCB) by 42.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 184,476 shares of the transportation company’s stock after selling 136,807 shares during the period. JPMorgan Chase & Co. owned about 0.81% of ArcBest worth $14,207,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC raised its stake in shares of ArcBest by 433.3% during the second quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock worth $30,000 after acquiring an additional 312 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of ArcBest during the 2nd quarter valued at $51,000. GAMMA Investing LLC raised its position in ArcBest by 11.7% in the 2nd quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock worth $123,000 after purchasing an additional 168 shares during the period. PNC Financial Services Group Inc. lifted its stake in ArcBest by 19.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,645 shares of the transportation company’s stock worth $127,000 after purchasing an additional 272 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in ArcBest during the first quarter valued at about $143,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup decreased their price objective on ArcBest from $87.00 to $83.00 and set a “buy” rating on the stock in a report on Tuesday, December 2nd. Wells Fargo & Company reduced their price target on ArcBest from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. TD Cowen lowered their price objective on ArcBest from $67.00 to $64.00 and set a “hold” rating for the company in a research report on Thursday, November 6th. Stephens lowered ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price objective for the company. in a research note on Thursday, November 6th. Finally, UBS Group decreased their target price on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $85.00.

ArcBest Price Performance

Shares of ARCB stock opened at $71.19 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $113.74. The firm has a market cap of $1.60 billion, a P/E ratio of 16.91, a P/E/G ratio of 10.09 and a beta of 1.52. The business’s 50 day moving average price is $69.21 and its 200-day moving average price is $71.65.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. ArcBest had a return on equity of 8.24% and a net margin of 2.41%.The firm’s revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.64 earnings per share. On average, equities research analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. ArcBest’s payout ratio is presently 11.40%.

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.