Thrivent Financial for Lutherans Sells 1,075 Shares of ArcBest Co. (NASDAQ:ARCB)

Thrivent Financial for Lutherans decreased its position in ArcBest Co. (NASDAQ:ARCB) by 5.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,499 shares of the transportation company’s stock after selling 1,075 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.08% of ArcBest worth $2,088,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Contravisory Investment Management Inc. lifted its stake in shares of ArcBest by 70.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares during the period. Innealta Capital LLC bought a new position in ArcBest in the second quarter worth approximately $33,000. Quest Partners LLC bought a new position in ArcBest in the second quarter worth approximately $36,000. Cultivar Capital Inc. purchased a new position in shares of ArcBest during the 2nd quarter worth $43,000. Finally, Parallel Advisors LLC grew its position in shares of ArcBest by 45.8% during 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 period. 99.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ARCB shares. Wells Fargo & Company lowered ArcBest from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $122.00 to $112.00 in a report on Wednesday, September 4th. Morgan Stanley cut their price objective on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Monday, July 8th. Bank of America decreased their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. Stifel Nicolaus dropped their price target on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. reduced 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $133.18.

ArcBest Stock Down 4.1 %

Shares of ARCB stock opened at $103.95 on Wednesday. The company’s fifty day simple moving average is $108.69 and its two-hundred day simple moving average is $116.39. ArcBest Co. has a 52 week low of $86.93 and a 52 week high of $153.60. The stock has a market cap of $2.44 billion, a P/E ratio of 20.61, a PEG ratio of 1.37 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 (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the company posted $1.54 earnings per share. ArcBest’s quarterly revenue was down 2.4% on a year-over-year basis. Analysts predict that ArcBest Co. will post 7.21 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Salvatore A. Abbate bought 1,000 shares of ArcBest stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the acquisition, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.65% of the stock is owned by company insiders.

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.