Goldman Sachs Group Inc. reduced its position in ArcBest Corporation (NASDAQ:ARCB) by 14.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,985 shares of the transportation company’s stock after selling 21,871 shares during the period. Goldman Sachs Group Inc. owned about 0.49% of ArcBest Corporation worth $3,275,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the company. Mason Street Advisors LLC raised its position in shares of ArcBest Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 5,569 shares of the transportation company’s stock valued at $145,000 after buying an additional 362 shares during the period. Stephens Inc. AR raised its position in shares of ArcBest Corporation by 0.7% in the first quarter. Stephens Inc. AR now owns 8,728 shares of the transportation company’s stock valued at $227,000 after buying an additional 60 shares during the period. Louisiana State Employees Retirement System raised its position in shares of ArcBest Corporation by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the transportation company’s stock valued at $252,000 after buying an additional 100 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in shares of ArcBest Corporation during the first quarter valued at about $291,000. Finally, Arizona State Retirement System raised its position in shares of ArcBest Corporation by 0.8% in the first quarter. Arizona State Retirement System now owns 12,416 shares of the transportation company’s stock valued at $323,000 after buying an additional 100 shares during the period. 86.50% of the stock is currently owned by institutional investors.
Shares of ArcBest Corporation (ARCB) opened at 27.7194 on Monday. The company has a market capitalization of $712.11 million, a P/E ratio of 32.0455 and a beta of 1.56. ArcBest Corporation has a one year low of $16.95 and a one year high of $33.95. The firm has a 50 day moving average price of $21.14 and a 200 day moving average price of $24.91.
ArcBest Corporation (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, July 28th. The transportation company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The company had revenue of $720.40 million for the quarter, compared to the consensus estimate of $721.11 million. ArcBest Corporation had a return on equity of 4.92% and a net margin of 0.83%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS. On average, equities research analysts predict that ArcBest Corporation will post $1.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, August 4th. ArcBest Corporation’s dividend payout ratio is 37.21%.
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Several equities analysts have recently issued reports on ARCB shares. Zacks Investment Research lowered ArcBest Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, April 11th. Cowen and Company upped their price target on ArcBest Corporation from $24.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, May 8th. Deutsche Bank AG dropped their price objective on ArcBest Corporation from $33.00 to $25.00 and set a “hold” rating for the company in a report on Monday, May 8th. ValuEngine downgraded ArcBest Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub downgraded ArcBest Corporation from a “hold” rating to a “sell” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $26.20.
About ArcBest Corporation
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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