Sei Investments Co. cut its position in shares of ArcBest Corp (NASDAQ:ARCB) by 6.8% in the 2nd quarter, Holdings Channel reports. The fund owned 34,190 shares of the transportation company’s stock after selling 2,499 shares during the period. Sei Investments Co.’s holdings in ArcBest were worth $1,562,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in ARCB. Matarin Capital Management LLC purchased a new stake in shares of ArcBest in the first quarter worth about $13,659,000. Foundry Partners LLC purchased a new stake in shares of ArcBest in the first quarter worth about $5,823,000. Russell Investments Group Ltd. boosted its position in shares of ArcBest by 187.4% in the first quarter. Russell Investments Group Ltd. now owns 241,292 shares of the transportation company’s stock worth $7,731,000 after buying an additional 157,344 shares during the period. O Shaughnessy Asset Management LLC boosted its position in shares of ArcBest by 284.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 208,216 shares of the transportation company’s stock worth $6,673,000 after buying an additional 154,080 shares during the period. Finally, Mackay Shields LLC purchased a new stake in shares of ArcBest in the first quarter worth about $4,263,000. Institutional investors own 94.68% of the company’s stock.
ARCB has been the subject of several analyst reports. ValuEngine downgraded ArcBest from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 2nd. BidaskClub raised ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $46.00 target price on shares of ArcBest in a research report on Friday, August 3rd. Cowen reaffirmed a “market perform” rating and issued a $41.00 target price (up previously from $39.00) on shares of ArcBest in a research report on Friday, May 11th. Finally, Buckingham Research upped their target price on ArcBest from $43.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, August 9th. Eight research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. ArcBest currently has a consensus rating of “Hold” and a consensus target price of $44.25.
Shares of ARCB opened at $48.60 on Friday. The stock has a market capitalization of $1.22 billion, a P/E ratio of 36.54, a price-to-earnings-growth ratio of 0.37 and a beta of 2.09. ArcBest Corp has a one year low of $27.90 and a one year high of $50.45. 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 (NASDAQ:ARCB) last issued 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 the consensus estimate of $786.86 million. ArcBest had a return on equity of 9.88% and a net margin of 2.12%. research analysts anticipate that ArcBest Corp will post 3.24 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 24th. Investors of record on Friday, August 10th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, August 9th. ArcBest’s dividend payout ratio is currently 24.06%.
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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