First Trust Advisors LP increased its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 47.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,588 shares of the transportation company’s stock after buying an additional 38,743 shares during the quarter. First Trust Advisors LP owned about 0.47% of ArcBest worth $4,000,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Arizona State Retirement System grew its position in ArcBest by 0.8% during the second quarter. Arizona State Retirement System now owns 12,516 shares of the transportation company’s stock worth $258,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System grew its position in ArcBest by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock worth $202,000 after buying an additional 100 shares in the last quarter. Texas Permanent School Fund grew its position in ArcBest by 1.7% during the second quarter. Texas Permanent School Fund now owns 17,543 shares of the transportation company’s stock worth $361,000 after buying an additional 299 shares in the last quarter. Rhumbline Advisers grew its position in ArcBest by 0.6% during the second quarter. Rhumbline Advisers now owns 51,568 shares of the transportation company’s stock worth $1,062,000 after buying an additional 309 shares in the last quarter. Finally, Thrivent Financial For Lutherans grew its position in ArcBest by 4.7% during the first quarter. Thrivent Financial For Lutherans now owns 13,610 shares of the transportation company’s stock worth $354,000 after buying an additional 610 shares in the last quarter. 89.57% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the company. BidaskClub raised ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday. Cowen reissued a “market perform” rating and set a $33.00 price target (up previously from $29.00) on shares of ArcBest in a research report on Monday, November 6th. Morgan Stanley reissued an “equal weight” rating and set a $22.00 price target (up previously from $21.00) on shares of ArcBest in a research report on Thursday, October 5th. ValuEngine downgraded ArcBest from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, Deutsche Bank reaffirmed a “hold” rating and issued a $29.00 target price (up previously from $26.00) on shares of ArcBest in a report on Wednesday, August 9th. Nine investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $30.86.
Shares of ArcBest Corporation (NASDAQ ARCB) traded up $0.50 during mid-day trading on Monday, hitting $37.40. The company’s stock had a trading volume of 274,572 shares, compared to its average volume of 247,734. The firm has a market cap of $946.00, a P/E ratio of 30.00 and a beta of 1.82. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $38.60. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.26 and a current ratio of 1.26.
ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. ArcBest had a return on equity of 5.34% and a net margin of 0.88%. The firm had revenue of $744.30 million for the quarter, compared to the consensus estimate of $750.16 million. During the same quarter last year, the business posted $0.48 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. analysts expect that ArcBest Corporation will post 1.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 28th. Stockholders of record on Tuesday, November 14th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Monday, November 13th. ArcBest’s payout ratio is 34.41%.
In other news, VP Michael R. Johns sold 6,593 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $29.98, for a total value of $197,658.14. Following the completion of the transaction, the vice president now directly owns 35,700 shares in the company, valued at approximately $1,070,286. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven Spinner sold 4,000 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $32.00, for a total value of $128,000.00. Following the completion of the transaction, the director now owns 24,700 shares of the company’s stock, valued at $790,400. The disclosure for this sale can be found here. Insiders sold a total of 11,363 shares of company stock valued at $348,758 over the last quarter. 0.97% of the stock is owned by corporate insiders.
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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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