Federated Hermes Inc. Purchases 330 Shares of ArcBest Co. (NASDAQ:ARCB)

Federated Hermes Inc. raised its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,929 shares of the transportation company’s stock after acquiring an additional 330 shares during the period. Federated Hermes Inc.’s holdings in ArcBest were worth $1,170,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in shares of ArcBest by 49.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Contravisory Investment Management Inc. grew its stake in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after buying an additional 78 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of ArcBest by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock worth $1,264,000 after buying an additional 100 shares during the period. 1492 Capital Management LLC increased its holdings in shares of ArcBest by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 10,605 shares of the transportation company’s stock worth $1,275,000 after buying an additional 103 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of ArcBest by 45.8% in the 4th quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after acquiring an additional 114 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Trading Down 5.2 %

NASDAQ ARCB opened at $109.85 on Friday. The stock’s 50 day moving average is $109.86 and its 200 day moving average is $117.63. The firm has a market capitalization of $2.57 billion, a PE ratio of 22.10, a P/E/G ratio of 1.22 and a beta of 1.46. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest Co. has a twelve month low of $86.93 and a twelve month high of $153.60.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. Research analysts forecast that ArcBest Co. will post 7.21 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. ArcBest’s dividend payout ratio is currently 9.66%.

Insiders Place Their Bets

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ARCB shares. Morgan Stanley decreased their price target on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a research note on Monday, July 8th. Stephens reiterated an “overweight” rating and set a $130.00 price target on shares of ArcBest in a report on Wednesday, September 4th. Bank of America dropped their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. JPMorgan Chase & Co. lowered their price objective on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Finally, TD Cowen cut their target price on ArcBest from $136.00 to $131.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.18.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.