Rothschild Asset Management Inc. trimmed its holdings in ArcBest Corp (NASDAQ:ARCB) by 29.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 48,503 shares of the transportation company’s stock after selling 19,844 shares during the quarter. Rothschild Asset Management Inc.’s holdings in ArcBest were worth $2,217,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Mutual Advisors LLC purchased a new position in ArcBest in the 1st quarter valued at approximately $659,000. Citigroup Inc. grew its stake in ArcBest by 10.1% in the 1st quarter. Citigroup Inc. now owns 92,856 shares of the transportation company’s stock valued at $2,976,000 after buying an additional 8,538 shares in the last quarter. Prudential Financial Inc. grew its stake in ArcBest by 24.3% in the 1st quarter. Prudential Financial Inc. now owns 75,546 shares of the transportation company’s stock valued at $2,421,000 after buying an additional 14,750 shares in the last quarter. LSV Asset Management grew its stake in ArcBest by 62.5% in the 1st quarter. LSV Asset Management now owns 117,000 shares of the transportation company’s stock valued at $3,749,000 after buying an additional 45,000 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in ArcBest by 764.6% in the 1st quarter. Hsbc Holdings PLC now owns 116,827 shares of the transportation company’s stock valued at $3,744,000 after buying an additional 103,314 shares in the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.
ARCB has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of ArcBest from a “buy” rating to a “hold” rating in a research note on Monday, April 23rd. Stifel Nicolaus reiterated a “hold” rating and issued a $46.00 price objective on shares of ArcBest in a research note on Friday, August 3rd. Cowen reiterated a “market perform” rating and issued a $41.00 price objective (up from $39.00) on shares of ArcBest in a research note on Friday, May 11th. BidaskClub upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Finally, ValuEngine upgraded shares of ArcBest from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 12th. Eight equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. ArcBest has an average rating of “Hold” and a consensus target price of $44.25.
ARCB opened at $47.10 on Tuesday. The firm has a market cap of $1.18 billion, a PE ratio of 35.41, a PEG ratio of 0.35 and a beta of 1.92. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.30. ArcBest Corp has a one year low of $25.02 and a one year high of $50.45.
ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, July 31st. The transportation company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.13. The firm had revenue of $793.35 million during the quarter, compared to analyst estimates of $786.86 million. ArcBest had a net margin of 2.12% and a return on equity of 9.88%. sell-side analysts forecast that ArcBest Corp will post 3.24 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Friday, August 10th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, August 9th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.68%. ArcBest’s dividend payout ratio (DPR) is currently 24.06%.
In other news, Director William Legg sold 9,947 shares of the business’s stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $47.06, for a total transaction of $468,105.82. Following the completion of the transaction, the director now directly owns 26,200 shares in the company, valued at approximately $1,232,972. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.19% of the stock is owned by insiders.
ArcBest Company Profile
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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