Teachers Advisors LLC cut its stake in ArcBest Corporation (NASDAQ:ARCB) by 13.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,998 shares of the transportation company’s stock after selling 8,853 shares during the period. Teachers Advisors LLC’s holdings in ArcBest Corporation were worth $1,430,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of ARCB. Sei Investments Co. increased its stake in shares of ArcBest Corporation by 165.0% in the first quarter. Sei Investments Co. now owns 23,920 shares of the transportation company’s stock valued at $622,000 after buying an additional 14,894 shares during the last quarter. Karp Capital Management Corp bought a new stake in shares of ArcBest Corporation during the first quarter valued at $594,000. Comerica Bank increased its stake in shares of ArcBest Corporation by 3.5% in the first quarter. Comerica Bank now owns 26,317 shares of the transportation company’s stock valued at $717,000 after buying an additional 882 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of ArcBest Corporation by 41.7% in the first quarter. Bank of New York Mellon Corp now owns 1,056,395 shares of the transportation company’s stock valued at $27,467,000 after buying an additional 310,688 shares during the last quarter. Finally, Algert Global LLC increased its stake in shares of ArcBest Corporation by 11.2% in the first quarter. Algert Global LLC now owns 83,198 shares of the transportation company’s stock valued at $2,163,000 after buying an additional 8,389 shares during the last quarter. 85.07% of the stock is owned by institutional investors.
Shares of ArcBest Corporation (NASDAQ ARCB) traded up 2.77% on Friday, reaching $25.95. The company had a trading volume of 210,271 shares. The company has a 50-day moving average price of $24.32 and a 200-day moving average price of $24.23. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $33.95. The firm has a market capitalization of $667.07 million, a PE ratio of 30.00 and a beta of 1.62.
ArcBest Corporation (NASDAQ:ARCB) last released its quarterly earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.09. The firm had revenue of $720.40 million for the quarter, compared to analysts’ expectations of $721.11 million. ArcBest Corporation had a net margin of 0.83% and a return on equity of 4.92%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. Equities research analysts forecast that ArcBest Corporation will post $1.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th were issued a $0.08 dividend. The ex-dividend date was Friday, August 4th. This represents a $0.32 annualized dividend and a yield of 1.23%. ArcBest Corporation’s dividend payout ratio is currently 37.21%.
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Several brokerages have recently weighed in on ARCB. TheStreet raised ArcBest Corporation from a “c” rating to a “b-” rating in a research report on Friday, July 28th. Cowen and Company reaffirmed a “buy” rating and issued a $29.00 target price on shares of ArcBest Corporation in a research report on Sunday, July 30th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $29.00 target price (up previously from $26.00) on shares of ArcBest Corporation in a research report on Wednesday, August 9th. Buckingham Research began coverage on ArcBest Corporation in a research report on Monday, August 21st. They issued a “neutral” rating and a $29.00 target price for the company. Finally, Stifel Nicolaus reaffirmed a “hold” rating on shares of ArcBest Corporation in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. ArcBest Corporation currently has an average rating of “Hold” and a consensus target price of $28.00.
In other ArcBest Corporation news, COO James A. Ingram sold 6,918 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $27.14, for a total value of $187,754.52. Following the transaction, the chief operating officer now directly owns 43,500 shares of the company’s stock, valued at approximately $1,180,590. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel E. Loe sold 9,929 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $25.87, for a total transaction of $256,863.23. Following the completion of the transaction, the insider now directly owns 33,600 shares in the company, valued at $869,232. The disclosure for this sale can be found here. 0.97% of the stock is owned by corporate insiders.
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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