Tidal Investments LLC Sells 763 Shares of ArcBest Co. (NASDAQ:ARCB)

Tidal Investments LLC lowered its position in ArcBest Co. (NASDAQ:ARCB) by 12.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,150 shares of the transportation company’s stock after selling 763 shares during the period. Tidal Investments LLC’s holdings in ArcBest were worth $559,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its position in ArcBest by 4.2% during 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 period. Louisiana State Employees Retirement System increased its stake in shares of ArcBest by 0.9% in 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ArcBest by 4.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,149 shares of the transportation company’s stock worth $551,000 after purchasing an additional 239 shares during the period. FAS Wealth Partners Inc. raised its holdings in ArcBest by 86.3% in the 2nd quarter. FAS Wealth Partners Inc. now owns 80,050 shares of the transportation company’s stock worth $8,572,000 after purchasing an additional 37,073 shares during the period. Finally, Panagora Asset Management Inc. lifted its position in ArcBest by 7.7% during the second quarter. Panagora Asset Management Inc. now owns 24,398 shares of the transportation company’s stock valued at $2,613,000 after purchasing an additional 1,738 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Stock Performance

NASDAQ:ARCB opened at $94.13 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.56 and a beta of 1.49. ArcBest Co. has a 1 year low of $92.57 and a 1 year high of $153.60. The stock’s 50 day simple moving average is $107.93 and its two-hundred day simple moving average is $108.28.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the previous year, the company earned $2.31 EPS. ArcBest’s revenue for the quarter was down 5.8% compared to the same quarter last year. As a group, equities analysts anticipate that ArcBest Co. will post 6.06 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.48 annualized dividend and a yield of 0.51%. ArcBest’s dividend payout ratio is currently 5.93%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Morgan Stanley decreased their price objective on ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. The Goldman Sachs Group decreased their target price on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. UBS Group dropped their price target on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Citigroup upped their target price on shares of ArcBest from $110.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Finally, TD Cowen downgraded ArcBest from a “buy” rating to a “hold” rating and lowered their price objective for the company from $131.00 to $114.00 in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $124.50.

Insiders Place Their Bets

In other news, Director Craig E. Philip sold 3,900 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the transaction, the director now owns 23,250 shares of the company’s stock, valued at approximately $2,555,407.50. The trade was a 14.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the completion of the sale, the senior vice president now owns 5,051 shares of the company’s stock, valued at approximately $609,150.60. This represents a 67.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by insiders.

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.