ArcBest Co. (NASDAQ:ARCB) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. cut its stake in ArcBest Co. (NASDAQ:ARCB) by 25.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,993 shares of the transportation company’s stock after selling 683 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in ArcBest were worth $213,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Contravisory Investment Management Inc. lifted its position in shares of ArcBest by 70.9% in the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 78 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in ArcBest by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock worth $1,264,000 after purchasing an additional 100 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of ArcBest by 45.8% during the fourth quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock worth $44,000 after buying an additional 114 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of ArcBest by 4.2% in the second quarter. Nisa Investment Advisors LLC now owns 3,101 shares of the transportation company’s stock valued at $332,000 after buying an additional 125 shares during the last quarter. Finally, Johnson Investment Counsel Inc. lifted its stake in shares of ArcBest by 6.5% in the second quarter. Johnson Investment Counsel Inc. now owns 2,095 shares of the transportation company’s stock worth $224,000 after buying an additional 128 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ARCB has been the topic of a number of research reports. StockNews.com lowered shares of ArcBest from a “buy” rating to a “hold” rating in a research note on Wednesday. Bank of America cut their target price on ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. lowered their price target on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. TD Cowen cut their price objective on shares of ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. Finally, Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $133.18.

Insider Activity

In related news, Director Salvatore A. Abbate purchased 1,000 shares of ArcBest stock in a transaction on Monday, August 12th. The shares were bought at an average price of $103.93 per share, with a total value of $103,930.00. Following the transaction, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.65% of the company’s stock.

ArcBest Trading Down 3.3 %

NASDAQ ARCB opened at $107.84 on Friday. ArcBest Co. has a 12 month low of $86.93 and a 12 month high of $153.60. The stock has a market capitalization of $2.53 billion, a P/E ratio of 21.70, a PEG ratio of 1.37 and a beta of 1.46. The firm’s 50-day moving average is $109.08 and its two-hundred day moving average is $116.97. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS 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 analyst estimates of $1.06 billion. During the same quarter in the prior year, the company posted $1.54 earnings per share. The business’s revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that ArcBest Co. will post 7.21 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.45%. ArcBest’s payout ratio is presently 9.66%.

ArcBest Company Profile

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.